Upbit, one of the leading crypto exchanges in South Korea, has attracted attention by listing new cryptocurrencies. In a statement made on November 20, Upbit announced that it has listed Bonk (BONK), JasmyCoin (JASMY) and PolySwarm (NCT) tokens.$BONK
BONK, JASMY, and NCT begin trading on Upbit
Upbit has launched JasmyCoin (JASMY), PolySwarm (NCT), and Bonk (BONK) tokens on its platform. While JasmyCoin increased by 5 percent and PolySwarm by 140 percent, BONK attracted great attention. BONK, a Solana-based meme coin, has been following a serious uptrend for the past week. After starting trading on Upbit, BONK's price gained 12 percent today, bringing its market value to over $4.2 billion. In addition, daily trading volume increased by 77 percent to $2.7 billion, indicating intense interest from investors. Upbit announced that BONK has launched a Korean Won (KRW) trading pair. Experts state that this listing could increase the meme coin's trading volume and further increase its price. In addition, the exchange announced that it only supports deposits and withdrawals via a specific network (BONK-Solana). The interest of South Korean investors in meme coins and altcoins is considered a positive development for BONK.
Investigations into Upbit’s KYC issues
Another noteworthy issue is that Upbit has come under scrutiny due to violations of its KYC (Know Your Customer) processes. South Korea’s Financial Intelligence Unit (FIU) has identified over 500,000 instances of inadequate customer verification on the exchange. This brings to the fore the platform’s problems with regulators.
BONK is ranked 4th in the Meme Coin rankings
The recent price increase for BONK has been a strong rally, surpassing its previous highs. Analysts predict that BONK’s market cap could approach $10 billion, which could lead to a 100% rally. BONK currently ranks 4th among the most popular meme coins. However, it is thought that in the future, it could compete more against rivals such as Pepe Coin (PEPE).
Blockchain analysis platform Lookonchain has revealed that a well-known investor has made a major investment in BONK. The smart whale, who previously made $4.84 million in profits on Popcat (POPCAT), spent 3.4 million USDC in the last two days to purchase 65.4 billion BONK tokens. This development shows that confidence in the future of the meme coin is increasing.
BONK is currently trading at $0.0000559, with a low of $0.00004882 and a high of $0.00005916 over the past 24 hours. With today’s rally, BONK’s weekly gains have surpassed 75%. This is a significant difference from Pepe Coin’s 53% weekly increase, while its trading volume has reached an eight-month high.
