Ponke (PONKE) Listed on Binance Futures Market, Sees Record Volume, Bearish Sentiment

Earlier today, Binance announced the listing of the Solana-based meme coin Ponke (PONKE) on its futures market, driving its price up by 12% within minutes.

Binance futures traders can now trade Ponke (PONKE) perpetual contracts. The meme coin, which is based on Solana, saw a brief price surge following the announcement, but the gains were quickly erased.

Here's a closer look at the Ponke listing on Binance and what it might mean for the meme coin's value.

Ponke, a Solana-based meme coin, was listed on Binance's futures market on March 8. The meme coin was paired with USDT in a perpetual contract.

Created in 2023, Ponke is a monkey-themed meme coin that initially gained popularity among meme coin enthusiasts.

However, the rise of other meme tokens, such as dogwifhat (WIF) and Bonk (BONK), later shifted the attention away from Ponke.

Despite losing momentum, Ponke's listing on Binance futures reignited interest in the meme coin. Following the announcement, Ponke's price rose rapidly from $0.44 to $0.51 within minutes.

However, the gains were short-lived, as the excitement surrounding the listing quickly faded, leading to a complete reversal of the earlier price increase, in a classic "sell the news" event.

Still, the meme coin's volume on Binance futures soared to an all-time high of $88.57 million. This surge in volume implies that the listing did generate increased interest in the meme coin.

But in this case, rising volume alongside declining price is bearish, suggesting that the metric is strengthening the downtrend.

If sustained, this could indicate that PONKE's price may continue to decrease. Another factor suggesting an accelerated drawdown is the weighted sentiment around the meme coin.

This metric gauges the broader market's perception of a cryptocurrency. When it is positive, the average comment is bullish. But a negative reading indicates otherwise.

According to Santiment, the Ponke Binance listing initially lifted the Weighted Sentiment very high. However, as of this writing, it has dropped to the negative region, suggesting that pessimistic remarks have plagued the cryptocurrency shortly afterward.

This also indicates dwindling demand, which could drag PONKE's price further down.

A look at the 4-hour chart shows that the Moving Average Convergence Divergence (MACD) has fallen to the negative region. The MACD is a technical oscillator that measures the relationship between two moving averages to spot trends.

When the indicator's reading is positive, momentum is bullish, and the price can increase. But in this case, the negative rating suggests bearish momentum around PONKE. Hence, the value might drop.

While PONKE trades at $0.432, this current condition indicates that the meme coin value could slide to $0.36. However, if market participants buy the dip, this forecast might be invalidated, and PONKE might rally to the highest point of the wick at $0.62.