Bonk Crashes 14% After Upbit Delisting Due to 'Numerous Shortcomings'

The memecoin sector has been relatively quiet in recent days, but one exception stands out: Bonk [BONK]. According to CoinMarketCap data, the top 10 memecoins by market cap have moved less than 3% over the past week. However, BONK deviated from this trend, with a notable increase before plummeting.

The exchange Upbit announced that it would be delisting the BONK pair due to 'numerous shortcomings and a potential for user harm.' This news came just over 12 hours ago, at the time of writing. In those hours, BONK was down 14% according to Coinalyze data.

The chart reinforced the bearish long-term outlook, with the swing structure showing a bearish trend in recent months. The 23.6% southward Fibonacci extension level at $0.00000287 has acted as support over the past three weeks, but the Upbit delisting news catalysed a downward spiral.

A potential dead cat bounce is possible, with short liquidations building up around $0.0000026. However, if BTC also faces a severe selloff, BONK could drop toward $0.0000012, the 61.8% extension level.