BONK Dethrones Dogwifhat as South Korea's Largest Exchange, Upbit, Adds Support for the Memecoin

South Korea's largest exchange, Upbit, has turned up the heat on the memecoin craze by adding support for Bonk [BONK] in the Korean Won [KRW] trading market on the 20th of November.

South Korea’s largest exchange, Upbit, has added support for Bonk [BONK] in the Korean Won [KRW] trading market. This move comes as the Solana [SOL]-based memecoin continues to rally, recently hitting a new all-time high (ATH).

Specifically, Upbit added BONK to its KRW market on the 20th of November. This follows the earlier listing of BONK in the USDT market on the 22nd of October.

At the time of writing, BONK was trading at $0.000054, up by 11.75% in the past day and a massive 71.84% over the last week. Its market cap stood at $4.15 billion, registering an 11.79% increase.

With this surge, BONK has once again overtaken its canine-themed competitor, dogwifhat [WIF], in terms of market capitalization. Earlier this year, WIF had dethroned BONK as the dominant memecoin, marking a shift in the market dynamics.

According to CoinMarketCap, WIF was trading at $3.34, reflecting a daily decline of 1.56% but a weekly gain of 11.98%. Its market cap amounted to $3.31 billion, indicating a 2.68% decrease.

Meanwhile, Solana, the blockchain network that hosts both BONK and WIF, was also notching up gains. The token had surged to a new seven-month high, coming closer to its record peak amid a broader market rally.

From its 2022 low, Solana had rallied by over 900%, outpacing other major cryptocurrencies and sparking interest in the memecoins built on the network.

However, the astronomical rise of BONK has also sparked concerns over a potential price bubble, especially given the lack of utility or fundamentals driving the token’s value.