Bonk Meme Coin Hits Nearly 3-Year Low After Upbit Announces September Delisting
South Korea’s main crypto change, Upbit, introduced the delisting of the Bonk (BONK) meme coin right this moment.
The information pulled the Solana (SOL)-based token to its lowest value since November 2023. BONK slipped to an intraday low of $0.00000255. It traded at $0.00000264 at press time, down almost 7%.
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Why Upbit Is Removing BONK
Upbit stated it’ll finish help for the BONK/KRW and BONK/USDT pairs at 15:00 KST on September 7. All open orders on each pairs might be canceled when buying and selling stops.
The change famous that its assessment recognized multiple unresolved concerns. This led it to conclude that BONK not meets its itemizing requirements.
Upbit pointed to a safety incident affecting the token, the reason for which stays unidentified or unremedied. It additionally cited the operators’ failure to reveal materials data in a well timed method.
The resolution follows a month-long assessment. Upbit designated BONK as a cautionary buying and selling asset on July 7, after BONK DAO confirmed a $20 million governance assault on its treasury.
“Following additional shut assessment of the digital asset, Upbit decided that the grounds for the cautionary designation had not been resolved, and determined to terminate buying and selling help in accordance with its Cautionary Asset Designation and Trading Support Termination Policy,” the discover read (translated from Korean).
The safety fallout has weighed closely on BONK’s efficiency. The token missed the broader rally that lifted main belongings in July, sliding 30.5% over the previous month.
BONK can be lagging its personal sector. Sector leaders Dogecoin (DOGE) and Shiba Inu (SHIB) posted single-digit month-to-month declines over the identical interval. BONK’s slide makes it one of many worst-performing large-cap meme cash.
The delisting additionally removes BONK from South Korea’s deepest retail liquidity pool. Traders will now watch whether or not different Korean exchanges observe Upbit’s lead within the coming weeks.
What Happens to BONK Holders Now
The change defined that holders can nonetheless withdraw BONK for 30 days after buying and selling ends, till October 7. Upbit warned that deposits made after the delisting won’t be credited to accounts.
The change added that mistaken transfers after the withdrawal window might take a very long time to get well. It additionally stated it won’t help airdrops, pockets upgrades, or arduous forks for the token going ahead.
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