BONK has crashed 14% over the past 12 hours following the Upbit delisting announcement, extending its decline from the previous 10% drop. The Solana-based token now trades at $0.00000264, down nearly 7% from previous levels, hitting fresh all-time lows across major centralized exchanges including Binance and OKX. According to AMBCrypto, BONK remains the only memecoin among the top 10 losers within the top 150 cryptocurrencies by market capitalization. The token has fallen 66% on a year-to-date basis and lost 39% over the past 30 days, making it one of the worst-performing large-cap meme coins in the current market environment. The latest crash came after 12 hours of trading following the delisting news, with Coinalyze data showing an uptick in Open Interest during the price decline sessions.
South Korea's leading crypto exchange Upbit announced the delisting of the Bonk (BONK) meme coin today, citing unresolved concerns. The exchange will end support for the BONK/KRW and BONK/USDT pairs at 15:00 KST on September 7. All open orders on both pairs will be canceled when trading stops. According to the exchange, its review identified multiple unresolved concerns that led it to conclude that BONK no longer meets its listing standards. As reported by Upbit, the exchange determined that the grounds for the cautionary designation had not been resolved, and decided to terminate trading support in accordance with its Cautionary Asset Designation and Trading Support Termination Policy. The delisting was based on "numerous shortcomings and a potential for user harm" - security incidents have weighed heavily on the public mind and largely influenced Upbit's decision.
Technical analysis reveals BONK has fallen below the long liquidations clustered below the $0.0000027 local support, with its descent in recent hours being rapid. A new cluster of short liquidations has built up around $0.0000026, creating potential for a short squeeze in the near term. The 23.6% southward Fibonacci extension level at $0.00000287 has acted as support over the past three weeks, but the Upbit delisting news catalyzed a downward spiral that broke this key level. The 1-day chart reinforced the bearish long-term outlook, with the swing structure showing bearish momentum in recent months. The Accumulation/Distribution indicator has fallen to -11 trillion BONK and remains on a downward trajectory, signaling sustained selling pressure and capital outflows from the market. The community sentiment indicator shows consensus on whether BONK is bullish has weakened, with the reading falling to 71% from 85%, while sentiment itself dropped to a negative 3.33.
The memecoin sector has been relatively quiet in recent days, with the top 10 memecoins by market cap moving less than 3% over the past week. According to CoinMarketCap data, there were only two exceptions, and one of them was Bonk. This highlighted the relative weakness of the BONK memecoin compared to Bitcoin's +2.9% performance over the past week, as the meme sector was up by only 1.1% collectively. The sector showed little spring even as Bitcoin tried to rally beyond $65k, indicating broader weakness in the memecoin space. Perpetual traders have increased their short exposure as BONK declined to fresh lows, with the funding rate falling to a negative 0.0169%, confirming short control. Volume surged over 200% to $69.07 million across the market, coinciding with growing sell pressure.
