Bonk continues its explosive surge following reports that it would be listed on the South Korean exchange Upbit.
Meanwhile, the BurnMAS exercise is still on course, and the team seeks to eliminate 1 trillion BONK from circulation.
Bonk (BONK) renewed its incredible run with another 12% gain on its daily price chart, extending its weekly run by a staggering 74%.At press time, Bonk was the fourth largest meme coin with a market cap of $4.22 billion, outpacing Dogwifhat (WIF) which remained at the fifth position with a valuation of $3.27 billion.
Reasons for the Surge
According to our research, the bullish extension was triggered by the recent announcement by the South Korean exchange Upbit to list the meme coin.
The exchange discloses that Bonk would be on the KRW market with trading set to commence on November 20, 2024. However, no buy order would be processed in the first five minutes. Also, sell order prices below 90% of the previous day’s closing price would be restricted in the first five minutes. In addition to this, all deposits and withdrawals would be conducted on the native network, Solana (SOL) according to the announcement by Upbit.
Additionally, to comply with the travel rule, assets deposited from exchanges not listed as accepted will not be credited. For personal wallets, only those verified as owned by the depositor will be eligible for deposits and withdrawals. Large deposits of unclear origin may require an explanation of the source of funds.
Following this report, whale activities around the asset have started to increase as an investor who made a profit of $4.84 million from POPCAT aggressively accumulates the asset. Analyzing LookOnChain data, we discovered that this whale has purchased 65.4 billion BONK tokens for 3.4 million USDC.
The smart whale who previously made $4.84M profit on $POPCAT is buying $BONK! In the past 2 days, he has spent 3.4M $USDCto buy 65.4B $BONK.https://t.co/Or4O9Xx6TQhttps://t.co/57q50iJD1Zhttps://t.co/HPIpN8u1PZpic.twitter.com/5lnUCBuEPZ
— Lookonchain (@lookonchain) November 20, 2024
Data also shows that another whale spent $2.7 million to purchase WIF and BONK. According to analysts, this aggressive accumulation by large investors and considerable retail involvement could “drag” the market cap to $10 billion.
The Initiative to Burn 1 Trillion BONK
The recent explosive surge has also been linked to the BurnMAS exercises announced by the BonkDAO on November 15. As we reported earlier, this initiative is meant to eliminate 1 trillion BONK tokens out of circulation by Christmas.
According to the details, any post that uses “#LetsBONK” on X would automatically burn 10,000 BONK. Also, whenever a new follower or subscriber joins its IG, YouTube, and TikTok channels, it would eliminate another 10,000 Bonk. Additionally, any view the “Team BaoBao Animation series” generates would eliminate another portion of BONK.
BURNmas will kick off on November 15th at 12:01 am UTC and end December 24th at 12:01am UTC. The amount of $BONKaccumulated by The BONK community from various activities below will then be burned on December 25th at 12:01am UTC— BONK!!! (@bonk_inu) November 15, 2024
In a post explaining this exercise, Bonk Dao also highlighted that any bet placed on Bonket would automatically burn 50,000 Bonk. Meanwhile, a contributor known as @iamkadense has disclosed that 7.7 trillion BONK has been burnt so far. In addition to that, he mentioned that the community could continue to burn beyond the targeted amount.
A Medium post detailing this initiative indicates that BurnMAS goes beyond the normal process of reducing token supply to building momentum and creating a powerful network effect.
Burning tokens decreases the total supply of $BONK, which can be favorable for its value and beneficial to the community. But BURNmas isn’t just about numbers — it’s about building momentum. The growing activity across BONK’s platforms creates a powerful network effect, driving organic demand and adoption. BONK DAO is dedicated to aligning with the community to build a stronger foundation for BONK’s future as crypto’s leading social token.
