Bonk drops 7% to 3-year low after Upbit September delisting

Bonk dropped nearly 7 percent to $0.00000264, a three-year low, after Upbit said it will delist the Solana meme coin on September 7.

"Following further close review of the virtual asset, Upbit determined that the grounds for the cautionary designation had not been resolved, and decided to terminate trading support," the exchange said in a notice (translated from Korean).

Upbit will end support for the BONK/KRW and BONK/USDT pairs at 15:00 KST on September 7, canceling all open orders. The exchange cited a security incident affecting the token whose cause remains unidentified, plus the operators' failure to disclose material information in a timely manner. The decision follows a month-long review after BONK DAO confirmed a $20 million governance attack on its treasury on July 7. BONK slipped to an intraday low of $0.00000255, its lowest since November 2023, and has fallen 30.5 percent over the past month, missing a broader rally that lifted major assets in July. Sector leaders Dogecoin and Shiba Inu posted single-digit monthly declines over the same period.

The delisting removes BONK from South Korea's deepest retail liquidity pool, one of the largest crypto trading markets. Holders can withdraw BONK for 30 days after trading ends, until October 7, though deposits made after the delisting will not be credited. Traders will watch whether other Korean exchanges follow Upbit's lead in the coming weeks.

The loss of Upbit's liquidity could pressure BONK further as holders move to withdraw before the October 7 cutoff. The token's slide makes it one of the worst-performing large-cap meme coins, and the delisting highlights the listing risk facing meme coins on South Korean exchanges, where compliance reviews can remove a token's primary trading venue within weeks.

This article is for informational purposes only and does not constitute investment advice.