Bonk Meme Coin Hits Nearly 3-Year Low After Upbit Announces September Delisting
South Korea's leading crypto exchange, Upbit, announced the delisting of the Bonk (BONK) meme coin today.
The news pulled the Solana (SOL)-based token to its lowest price since November 2023. BONK slipped to an intraday low of $0.00000255. It traded at $0.00000264 at press time, down nearly 7%.
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Why Upbit Is Removing BONK
Upbit said it will end support for the BONK/KRW and BONK/USDT pairs at 15:00 KST on September 7. All open orders on both pairs will be canceled when trading stops.
The exchange noted that its review identified multiple unresolved concerns. This led it to conclude that BONK no longer meets its listing standards.
Upbit pointed to a security incident affecting the token, the cause of which remains unidentified or unremedied. It also cited the operators' failure to disclose material information in a timely manner.
The decision follows a month-long review. Upbit designated BONK as a cautionary trading asset on July 7, after BONK DAO confirmed a $20 million governance attack on its treasury.
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