- BONK flipped dogwifhat, taking the top spot.
- The memecoin’s overvalued state warranted caution.
South Korea’s largest exchange, Upbit, has turned up the heat on the memecoin craze by adding support for Bonk [BONK] in the Korean Won [KRW] trading market on the 20th of November.
The announcement sent the Solana [SOL]-based memecoin, soaring to a new all-time high of $0.00006. This move follows Upbit’s earlier support for BONK with its USDT market listing on the 22nd of October.
Notably, the listing comes at a pivotal moment, with Solana itself experiencing major gains amid a broader market rally. As per the latest data, it stood just 9.75% shy of the record high.
BONK dethrones dogwifhat
The ATH wasn’t the only achievement for BONK. Its market capitalization also saw a significant surge, overtaking its canine-themed competitor, dogwifhat [WIF].
Worth noting, WIF had dethroned BONK as the dominant memecoin earlier in March, marking a shift in market dynamics.
At press time, WIF traded at $3.34, reflecting a daily decline of 1.56% but a weekly gain of 11.98%. Its market cap stood at $3.31 billion, a 2.68% drop as per CoinMarketCap.
Meanwhile, BONK was trading at $0.000054, up by 11.75% in the past day and a remarkable 71.84% over the last week.
BONK’s market cap reached $4.15 billion, registering an 11.79% increase, firmly reclaiming its status as a market leader.
BONK’s next moves
Meanwhile, AMBCrypto took a closer look at BONK’s daily chart to see how the token would fare in the upcoming time.
The analysis revealed a strong upward momentum since early November, although resistance at $0.000056 might present a challenge.
Source: TradingView
At the time of writing, the RSI stood at 81.94, indicating overbought conditions. While this suggested the potential for a pullback, the RSI can remain elevated in bullish markets for extended periods.
Furthermore, the OBV nearly doubled from 78.5 trillion on November 1 to 146.5 trillion at press time, reflecting heavy accumulation.
Moving forward, if the price faces rejection at the $0.000056 resistance, support levels at $0.000045 and $0.000039 could cushion a decline.
However, a broader downturn fueled by profit-taking could push prices as low as $0.000024. Conversely, if buyers sustain their positions, BONK may have further room for growth.
Upbit expands market listings
Interestingly, BONK wasn’t the only token to benefit from Upbit’s market expansion. On the same day, Upbit added market support for JasmyCoin [JASMY] and PolySwarm [NCT] in BTC and USDT pairs.
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PolySwarm surged to $0.02715, gaining 41.45% in a day. However, JASMY saw a decline, trading at $0.02129, down 3.33% over the same period.
With BONK’s rapid ascent and the wider crypto market rally, the coming weeks will be crucial in determining whether its momentum can be sustained or whether corrections will set in.
