Upbit, the largest exchange in South Korea, has intensified the memecoin frenzy by introducing support for Bonk [BONK] in the Korean Won [KRW] trading market on November 20th.
This announcement propelled the Solana [SOL]-based memecoin to a new record high of $0.00006. This decision followed Upbit’s earlier inclusion of BONK in its USDT market on October 22nd.
Interestingly, this listing coincides with a crucial period, with Solana itself witnessing significant gains amidst an overall market rally, coming very close to its all-time high.
BONK Surpasses dogwifhat
Apart from hitting a new all-time high, BONK also experienced a notable surge in market capitalization, surpassing its competitor, dogwifhat [WIF], known for its canine-theme.
It is worth mentioning that WIF overtook BONK’s position as the leading memecoin back in March, indicating a shift in market dynamics.
Currently, WIF is trading at $3.34, with a 1.56% decrease in a day but reflecting an 11.98% increase over the week. Its market cap is at $3.31 billion, showing a 2.68% drop according to CoinMarketCap.
On the other hand, BONK is being traded at $0.000054, recording an 11.75% rise in 24 hours and a remarkable 71.84% surge over the past week.
BONK’s market cap has reached $4.15 billion, indicating an 11.79% growth, firmly establishing its position as a market leader.
The Future Steps for BONK
Meanwhile, CryptoCrypto conducted an analysis of BONK’s daily chart to predict its performance in the upcoming period.
The analysis revealed a strong upward trajectory since early November, although the $0.000056 resistance level might pose a challenge.
Currently, the RSI stands at 81.94, signaling overbought conditions. While this may hint at a potential pullback, an elevated RSI can persist in bullish markets for extended durations.
Additionally, the OBV nearly doubled from 78.5 trillion on November 1 to 146.5 trillion at present, indicating significant accumulation.
In the future, should the price face rejection at the $0.000056 resistance level, support levels at $0.000045 and $0.000039 could potentially cushion a decline.
In case of a broader market downturn due to profit-taking, prices might drop as low as $0.000024. Conversely, if buyers maintain their positions, BONK could have further room for growth.
Upbit’s Expansion in Market Listings
Notably, BONK was not the sole token to benefit from Upbit’s market expansion. On the same day, Upbit introduced market support for JasmyCoin [JASMY] and PolySwarm [NCT] in BTC and USDT pairs.
PolySwarm surged to $0.02715, marking a 41.45% daily increase. However, JASMY witnessed a decline, trading at $0.02129, reflecting a 3.33% drop over the same period.
With BONK’s rapid ascent and the broader crypto market rally, the upcoming weeks will play a crucial role in determining whether its momentum can be sustained or if corrections will come into play.