Bonk Meme Coin Hits Nearly 3-Year Low After Upbit Announces September Delisting
Upbit announced it will delist the Solana-based meme coin Bonk (BONK), ending support for BONK/KRW and BONK/USDT at 15:00 KST on Sept. 7 and canceling open orders. The exchange cited unresolved security concerns and delayed disclosure by operators. BONK fell to a Nov. 2023 low and traded near $0.00000264, down about 7%.
How this was made
The 30-second read
Why it matters
Upbit’s decision terminates trading support for BONK pairs and cancels open orders, while allowing 30-day withdrawals and explicitly not supporting future token services like airdrops, wallet upgrades, or hard forks.
Market read
A major South Korean exchange delisting is a direct, venue-level catalyst that can rapidly change token liquidity, holder behavior, and risk pricing.
What to watch
The article does not quantify trading volumes on Upbit or whether other Korean exchanges will follow, so price impact could be smaller if BONK has strong non-Upbit liquidity.
Background
Upbit placed BONK on a cautionary trading designation on July 7 after BONK DAO confirmed a $20 million governance attack, then later concluded the issues were not resolved.
Ticker impact
Upbit announced September 7 delisting of BONK trading pairs, citing unresolved security and disclosure issues, pushing BONK to a near-3-year low.
Bearish near-term bias into and after the September 7 trading stop, with potential for sharp volatility spikes as liquidity thins.
The article is a primary, attributable regulatory/venue action by Upbit ending BONK/KRW and BONK/USDT support, plus a stated rationale (unremedied security incident, delayed material disclosure) that typically worsens risk perception and reduces accessible demand.
Market effects
Signals stricter exchange listing enforcement for meme coins, especially those with unresolved security incidents or governance attacks.
Reduces South Korea retail access to BONK via Upbit, potentially shifting flows to other venues or meme coins.
May trigger contagion risk for other tokens under similar exchange scrutiny, though the article is venue-specific.
Counterpoint
Some holders may treat the delisting as a temporary liquidity shock and rotate into other exchanges, limiting long-run damage if BONK remains liquid elsewhere.
Key entities
- crypto assetBonk (BONK)
Meme coin token whose Upbit trading pairs are being delisted due to unresolved security and disclosure concerns.
- crypto exchangeUpbit
South Korea’s exchange terminating BONK/KRW and BONK/USDT trading support on September 7.
- crypto assetSolana (SOL)
Blockchain referenced as the basis for BONK’s token; the article’s price move is for BONK, not SOL.
