BONK Delisted by Upbit, Price Plummets 14% in Hours
The memecoin sector has been relatively quiet in recent days, but one exception was Bonk [BONK], which saw a significant drop after being delisted by South Korean exchange Upbit. According to CoinMarketCap data, the top 10 memecoins by market cap have moved less than 3% over the past week, with BONK being an outlier.
The delisting was due to 'numerous shortcomings and a potential for user harm', which weighed heavily on Upbit's decision. In the hours following the announcement, BONK plummeted by 14%, with data from Coinalyze showing an increase in Open Interest during trading sessions when prices were falling.
The bearish long-term outlook of BONK is reinforced by its 1-day chart, which shows a swing structure that has been bearish in recent months. The loss of short-term support at the 23.6% southward Fibonacci extension level at $0.00000287 has likely exacerbated sell pressure.