Kraken and WazirX Announces Launch of BONK, Amid Falling Price

• 1 Kraken announced BONK listings on its platform from today, December 23.
• 2 The firm has started the BONK trading by pegging it to USD and EUR pairs.

Kraken set a minimum order size of 350,000. The firm has also set 42,000 as the minimum deposit value. It alerts the user to trade the token only on Solana, as trading on other blockchains may result in potential loss.

WazirX is another important exchange that announces BONK listing on its platform. To support the crypto trading, the exchange started trading the token with the BONK/USDT pair.

BONK is a cryptocurrency launched on Christmas Day, 2022. It is inspired by internet memes, jokes, and satire. Memecoins are always known for fluctuating prices instantly.

The announcement from the renowned exchange came after the price drop noted by the token as visible through the market charts. Although crypto experts are keeping an eye on its price, the announcement will gain traction.

BONK Price

The hype of BONK has started fading as its price is decreasing. This memecoin is declining continuously from last week.

BONK has fallen in the last seven days losing approximately 30% of its value. This fall in price is shown after the uptick in demand in the last month which has pushed the token to an all-time high at the price of $0.00003419 on December 15, 2023. By then, the price of BONK had climbed by over 500% in the preceding month.

The memecoin after reaching a high shows a price decline. As per the data from CoinMarketCap, its price has fallen by 44% since 15the December.

The recent surge has caught increased attention towards this dog-themed meme coin on Solana. It was launched in December 2022 and over the past 30 days surged over 300% and scored a 1,000% gain since the start of September. That makes it the best-performing meme coin in recent months. But now, it is underperforming from last week. It is nearly 30% down.

Spot traders have noted a decline in trading volume. The Key momentum indicators have trended downward since 14 December, which suggests a steep fall in demand for the meme coin.

The value of the BONK Accumulation Distribution Line (ADL) has dropped by 38%. The ADL measures the supply and the demand of assets and does this by confirming whether traders are involved in buying and selling the asset or not.

About Kraken and WazirX

Kraken is the exchange that facilitates excellent service, low fees, and versatile funding options. It is built to accelerate the global adoption of crypto so that everyone can achieve financial freedom and inclusion. WazirX is also a cryptocurrency exchange started in 2018.

Summary

Prominent cryptocurrency exchange Kraken announces the launch of meme coin BONK on 23 December 2023. Along with this, an announcement came from the WazirX exchange yesterday for the same.

The price of this memecoin has been declining for the last one week, but the launch of BONK from important and renowned exchanges like Kraken and WazirX will bring noteworthy traction across the wider crypto market.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.

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