BONK Price Tanks 14% After Binance Listing as Traders Back New $MK Meme Coin

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Despite its recent listing on leading exchange Binance, the price of meme coin Bonk (BONK) has plummeted by 14%. Currently, BONK is hovering around $0.0000042, yet it’s still up over 4,500% year-to-date. However, investor hype is shifting to another new meme coin called Meme Kombat (MK), which is performing well in its limited-time presale.

Binance Perpetual Futures Listing Could Mark Potential Peak for BONK Rally

Binance, the world’s largest cryptocurrency exchange, made waves this week by announcing the listing of perpetual futures contracts for BONK.

Perpetual futures allow traders to speculate on an asset’s price without having to settle the underlying asset.

These contracts also provide high leverage, with Binance currently offering 50x leverage on BONK contracts.

While Binance’s move opens the doors to speculative traders, it could also spell trouble for BONK’s enormous rally.

CoinDesk notes that Binance’s listing of perpetuals for smaller altcoins has often coincided with the peak of those assets’ prices.

For example, earlier this year, when perpetuals were listed for PEPE, the token’s price crashed soon after.

This development has led some traders to worry that BONK might face a similar downturn, especially as the listing enables easier short-selling of the token.

As a result, BONK’s price has begun to fall, and its parabolic price run may be coming to an abrupt end.

BONK Takes Solana Community by Storm After Explosive Run-Up

BONK emerged in late 2022 as a new community-driven meme coin built on the Solana blockchain.

With its cute Shiba Inu mascot and ambitions to become the “most accessible and fun cryptocurrency in the world,” BONK quickly attracted a devoted fanbase.

BONK implements deflationary tokenomics, allowing it to avoid the inflationary fate that most meme coins suffer.

With each transaction, BONK’s supply decreases due to token burning, with the aim of potentially increasing the token’s value over time.

BONK also has several real-world use cases, having been integrated into DeFi and NFT projects on Solana.

After months of community building, BONK finally exploded in late October, rising more than 2,800% in a matter of weeks.

This exponential rally coincided with renewed interest in Solana’s SOL token as a financial asset, highlighting its interconnectedness.

With BONK’s official Twitter account now boasting over 121,000 followers, the token has clearly cemented itself as a rising star in the meme coin space.

Meme Kombat Emerges as Hot New Play-to-Earn Meme Coin & Raises $2m in Presale

As BONK’s price struggles following its Binance listing, crypto traders have turned their attention to another new meme coin – Meme Kombat (MK).

Hosted on Ethereum, Meme Kombat bills itself as a Play-to-Earn gaming platform, allowing users to bet on virtual battles between popular internet memes.

The native ERC-20 token MK is the betting currency on the platform, and those who predict each fight’s winner earn more MK as a reward.

This Play-to-Earn model has become increasingly popular in the cryptocurrency market, combining the excitement of gaming with the potential for financial gain.

Hype is also building around Meme Kombat thanks to its staking model, which offers yields upwards of 470% per year for MK holders.

Although Meme Kombat is still in the final stages of development, its team recently launched a presale phase for the MK token, raising over $2 million in just two months.

50% of the MK supply is allocated for presale investors, giving the community a significant stake in the project’s future.

As outlined in Meme Kombat’s whitepaper, 10% of the MK supply will be used to provide DEX liquidity, with the aim of improving trading conditions once MK is listed on decentralized exchanges. 

With traders always searching for the next hot meme coin, Meme Kombat has emerged as a contender thanks to its unique gaming and betting angle.

Investors interested in the presale can buy MK tokens at $0.205 each via memekombat.io.