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The post <a href="https://coinpedia.org/news/bonks-meteoric-rise-could-binance-contracts-signal-a-market-peak/">BONK’s Meteoric Rise: Could Binance Contracts Signal a Market Peak?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Bonk (BONK), a meme coin on the Solana network, has recently captivated the market with a stunning growth of over 1,800% in just four weeks. Its rapid rise has eclipsed even the performance of Solana’s SOL token and the market titan, Bitcoin (BTC).&nbsp; 
<h2 class="wp-block-heading" id="h-a-turning-point-with-binance-s-move">A Turning Point with Binance’s Move</h2> 
However, this remarkable rally might be hitting a crucial juncture. <a href="https://www.binance.com/en/support/announcement/binance-futures-will-launch-usd%E2%93%A2-m-ntrn-perpetual-contract-with-up-to-50x-leverage-ef915dd89edb4fa7a7438362bfb146d2">Binance</a>, the world’s biggest cryptocurrency exchange, has introduced perpetual contracts tied to BONK, offering up to 50x leverage. Historically, such moves by Binance have often signaled a peak in prices for lesser-known cryptocurrencies. 
Introducing these contracts, facilitating easier short-selling than traditional spot markets, could imply that market skepticism and bearish sentiment might soon impact BONK’s soaring trajectory. 
<h2 class="wp-block-heading" id="h-meme-coin-frenzy-and-market-speculations">Meme Coin Frenzy and Market Speculations</h2> 
Despite recent uncertainties shrouding the crypto industry, BONK’s impressive performance has drawn parallels to other popular meme coins like Shiba Inu and Dogecoin.&nbsp; 
BONK’s value surged significantly in the past month, doubling in just a week and even spiking by 32% on a single day early this week. At press time, BONK trades at $0.00000437, experiencing a slight decline of 2.14% over the past 24 hours. 
The listing on Binance, while a potential indicator of a market top, also brings a glimmer of hope for a continuation of the listing effect. Crypto enthusiasts closely observe BONK’s performance, anticipating a repeat of the scenarios seen with other meme coins like SHIB and PEPE, which have previously rallied on similar hype-driven momentum. 
Crypto analysts have been vocal about their expectations of a potential cycle top for BONK following its Binance listing. They base their assumptions on historical patterns observed with similar cryptocurrencies. 
Meanwhile, BONK’s recent trading activity suggests a moderate risk level, with its price movements not raising significant concerns over potential market manipulation.

BONK’s Meteoric Rise: Could Binance Contracts Signal a Market Peak?

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