1. Upbit Fuels the Bonk Craze
South Korea's largest exchange, Upbit, has become a key driver of the Bonk craze. On November 20, Upbit added support for Bonk in the Korean Won (KRW) trading market, causing the price of Bonk based on Solana (SOL) to soar to a historical high of $0.00006. Previously, Upbit had listed Bonk in USD on October 22. This listing coincided with a significant rise in Solana during a broader market rebound, with Solana currently only 9.75% below its historical peak.
2. The Market Position Shift Between Bonk and Dogwifhat
Bonk's achievements go beyond setting historical highs. Its market capitalization has also soared, successfully surpassing its canine-themed competitor Dogwifhat. Earlier in March, Dogwifhat replaced Bonk as the dominant meme coin, but now the market dynamics have shifted once again. As of the time of writing, Dogwifhat (WIF) is trading at $3.34, down 1.56% daily, but still up 11.98% weekly, with a market cap of $3.31 billion, down 2.68%. Meanwhile, Bonk is trading at $0.000054, up 11.75% in the past day and having surged 71.84% over the past week, with a market cap reaching $4.15 billion, an increase of 11.79%, successfully regaining its position as market leader.
3. Analysis of Bonk's Future Trend
AMBCrypto conducts an in-depth analysis of Bonk's daily chart to predict its future performance. Since early November, Bonk has shown strong upward momentum; however, the resistance level at $0.000056 may pose a challenge. Currently, its Relative Strength Index (RSI) stands at 81.94, indicating an overbought condition, which suggests a possibility of a pullback, but in a bull market, RSI can remain elevated for a long time. Additionally, as of the time of writing, its On-Balance Volume (OBV) has surged from 785 trillion on November 1 to 1,465 trillion, nearly doubling and reflecting significant capital accumulation. Looking ahead, if the price encounters resistance and falls back at the $0.000056 resistance level, the support levels at $0.000045 and $0.000039 may help cushion the decline. However, if a broader market downturn occurs due to profit-taking, the price could drop to $0.000024. Conversely, if buyers hold their ground, Bonk still has room for further growth.
4. The Multi-Currency Impact of Upbit's Market Expansion
It is noteworthy that Bonk is not the only beneficiary of Upbit's market expansion. On the same day, Upbit added market support for JasmyCoin and PolySwarm's BTC and USDT pairs. Among them, PolySwarm's price surged to $0.02715, rising 41.45% in a single day. In contrast, JasmyCoin performed poorly, trading at $0.02129, down 3.33% during the same period.
With Bonk's rapid rise and the broad rebound in the cryptocurrency market, the coming weeks will be crucial. Whether its upward momentum can be sustained or if a correction will occur will be revealed during this period. Investors and market participants need to closely monitor Bonk and related cryptocurrencies' market dynamics and cautiously assess investment decisions to respond to potential market changes.
The information provided in this article is for reference only and does not constitute any type of advice.
