BONK risks deeper losses as Korea’s Upbit exchange delists meme coin

Bonk Price Forecast: BONK risks deeper losses as Korea’s Upbit exchange delists meme coin
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Bonk Price Forecast: BONK risks deeper losses as Korea’s Upbit exchange delists meme coin

• Bonk slides more than 7% to $0.00000318, reflecting broader weakness in the cryptocurrency market.
• South Korea’s Upbit exchange delists BONK, citing multiple shortcomings and potential harm to users.
• Investors to withdraw their BONK holdings before October 7, while deposits have been suspended.

Bonk (BONK) is edging lower and trading at $0.00000318 on Monday, weighed down by a broader cryptocurrency market correction. The meme coin was rejected around $0.00000367 the day before, cutting short a recovery attempt. If support at $0.00000300 holds, the meme coin could stabilize ahead of another recovery attempt.

Upbit to delist BONK citing user protection risks

Upbit, one of South Korea’s leading crypto exchanges, announced it will remove BONK from its tradable asset list on Monday, including the trading pairs BONK/KRW and BONK/USDT. In a press release, the exchange said the delisting follows its “Digital Asset Trading Support Termination Policy,” which flagged multiple shortcomings and the risk of user harm.

Upbit said its evaluation revealed several risks and incidents, including unexplained security breaches such as hacking, and that the digital asset’s wallet and the distribution ledger used to issue and store the token remained unresolved. BONK was flagged as a cautionary trading item on July 7, but the exchange’s concerns were not resolved as per its termination policy.

Investors will no longer be able to trade the asset as of Monday, but withdrawals will be supported until October 7. Deposits will remain suspended; therefore, investors have been cautioned against sending funds to the platform.

Upbit has also designated Mantra (MANTRA) and related pairs as a cautionary trading item, temporarily suspending deposits and withdrawals.

Technical analysis: BONK slides toward short-term support

BONK is correcting lower, trading around $0.00000318. The meme coin is down over 7% on the day and appears poised to test the key support at $0.00000300. Meanwhile, the descending trendline provides short-term support that, if defended, could support BONK’s recovery outlook.

Momentum remains mixed, as the Relative Strength Index (RSI) at 55 falls toward the midline, suggesting that bears are tightening their grip. With the Moving Average Convergence Divergence (MACD) holding above its signal line and the histogram staying positive, momentum leans toward a constructive bias rather than a full-fledged correction. On the upside, a recovery above supply at $0.00000367 would open the door to gains targeting highs beyond $0.00000400.

Bitcoin, altcoins, stablecoins FAQs

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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