Bitcoin
BONK crashes 14% following South Korean exchange delisting
The memecoin BONK fell sharply after Upbit, South Korea's largest crypto exchange, removed its trading pair citing security concerns and potential user harm.
BONK plummeted 14 percent in the hours following Upbit's announcement that it would delist the trading pair. The exchange cited "numerous shortcomings and a potential for user harm," with security incidents weighing on the decision.
The move highlighted weakness in the broader memecoin sector, which gained just 1.1 percent over the past week despite Bitcoin's 2.9 percent rally. Most of the top 10 memecoins moved less than 3 percent during the period.
The delisting triggered accelerated selling pressure around BONK's technical support levels. Long liquidations concentrated below $0.0000027 were breached, and a new cluster of short liquidations built up around $0.0000026 as the price descended. The loss of a significant support zone at the 23.6 percent Fibonacci extension level at $0.00000287, which had held for three weeks prior, catalyzed the downward spiral.
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