Solana’s BONK Dips as Binance Activates Advanced Trading Bots

BONK cools down: Solana’s memecoin dips as Binance gears up to enable advanced trading bots.

BONK dog sitting in the bottom of the sea, hitting a fish on the head.
Created by Gabor Kovacs from DailyCoin
  • Binance unfolds a $65,000 crypto giveaway involving BONK & FLOKI.
  • The crypto mammoth enables bots for BONK trading with three modes.
  • Pro trader draws similarities between BONK & SHIB’s prices after listing.

Solana’s dog-themed hidden gem Bonk (BONK) entered a crypto market correction phase after a massive 2247% two-month bull run. The emerging memecoin shortly invaded the TOP 50 by global market capitalization but had the $2 billion market cap milestone cut in half days later.

Last week, Binance and Coinbase both simultaneously added BONK to their spot trading services. Today, the globally leading crypto platform Binance has made announcements concerning BONK trading: expanding the BONK trading range and adding a few juicy bonuses.

Binance is slated to enable artificial intelligence-assisted trading on these pairs: 1000SATS/USDT, BONK/USDT. According to the official statement from Binance, Bonk’s trading opportunities via the bots service will consist of three modes:

  • Spot Grid Bot: this crypto robot buys low and sells high according to an automatically set price range but can be customized by the user in the manual version.
  • Rebalancing Bot: This automated crypto trading strategy lets users diversify their holdings while the bot adjusts its position to buy low and sell high.
  • Spot DCA Bot: the dollar cost average algorithm is most beneficial for holders with less experience, as it automatically buys a confirmed amount daily.

These BONK AI trading services will kick in on December 21, 2023, at 08:00 (UTC). 

BONK’s Market Cap Cut in Half Week After Listing

In another trading campaign, Earn Wednesday, Binance offers crypto enthusiasts the opportunity to stake Bonk with a real-time boosted APR without locking the assets. The flexible staking promotion also includes a prize pool worth $65,000 in crypto and can earn crypto traders an additional $5 BONK voucher if the $100 trading volume threshold is met.

Meanwhile, BONK’s price movement has entered a market correction phase today, dropping to the daily lows of $0.00001773 in the early hours of Wednesday. Despite dropping nearly $1 billion in five days since hitting its all-time high of $0.00003416 on December 15, the comfortable market correction instilled some optimism among the SOL community.

To illustrate, Marius Altbri, a founder of a crypto startup, expects to see a second leg on the post-listing bull run up to $0.00004. The crypto enthusiast alludes to the instantaneous dip of fellow memecoin Shiba Inu (SHIB) after the canine coin was listed on Binance and Coinbase in May 2021. While this would shape a new all-time high for Solana’s top dog, the chances heavily depend on the largest digital asset’s performance during the holiday season.

On the Flipside

  • Flexible staking programs on Binance are subject to the customer’s jurisdiction and might not be available in some parts of Europe and the United States.

Why This Matters

The emerging dog-embossed BONK is one of the most-watched altcoins in the last quarter of 2023. BONK significantly contributed towards the mass adoption of Solana’s blockchain through several initiatives, including a 30 million airdrop for anyone purchasing the SAGA Web3 phone.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.