According to the announcement from Binance, spot trading will commence on December 15 at 08:00 UTC. Three trading pairs will be available to users – BONK/USDT, BONK/FDUSD, and BONK/TRY. Deposits are currently open.
Furthermore, Binance will introduce Bonk as a new borrowed asset with this new margin pair on an isolated margin within 48 hours of listing.
BONK, a meme coin based on Solana, has experienced a significant price surge in recent weeks after Coinbase announced its listing on December 14.
Coinbase revealed on December 12 that they plan to list BONK. Thanks to this news, BONK rapidly increased in price by the end of Tuesday before experiencing a considerable drop.
Coinbase tweeted that BONK would be listed on Thursday, provided “liquidity conditions are met.” BONK will be labeled as “experimental” like any new crypto asset, but it can be bought and sold like any other cryptocurrency on the exchange."
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It could potentially be a bull trap; merely being listed on a few exchanges doesn’t guarantee anything.
Solana has experienced a notable setback in the aftermath of the FTX/Alameda research scandal, and the recent recovery appears to be doubtful. The same doubt applies to the significant gain in BONK’s value.
So listing in the listing on Coinbase and Binance could mark the end of BONK’s uptrend momentum?
One of the most common mistakes in investing is falling victim to FOMO.
From Binance: The Seed Tag represents innovative project that may exhibit higher volatility and risks compared to other listed tokens.
And it is important to notice: BONK listing is Seed Tag applied in Binance.
Once Bonk experiences a pullback, it rapidly declines; it’s just a meme.
BONK’s selling pressure is obvious. Since 15 Dec, the BONK price is dropping.
Kudos to @BabyWhale for reminding us about this trap in advance.
7 days and losing 20% since 23rd December.
Bonk is keep on falling as “I told you so”.
That’s why we need a community to detect scam and rugpull projects in crypto.
Many thanks to Bitforum and @BabyWhale for noticing this trap.
It has been doubtful since the beginning. Labeling BONK as ‘Experimental,’ like other cryptos, is not a strong enough warning for investor for $BONK case.