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. However, the surge was short-lived as PONKE’s price quickly retraced all those gains. 

Here’s a breakdown of how it all happened and what might be next for the meme coin’s value.

Ponke Sees Record Volume, Bearish Sentiment

Binance listed the meme coin Ponke at 12:30 UTC today, pairing it with USDT in a perpetual contract. Created in 2023, Ponke is a monkey-themed meme coin that initially gained traction among meme coin enthusiasts before being overshadowed by the rise of tokens like dogwifhat (WIF) and Bonk (BONK).

Despite losing momentum after being outperformed by its peers, Ponke’s listing on Binance reignited interest, causing its price to surge from $0.44 to $0.51. However, the gains were short-lived, as the excitement surrounding the listing quickly turned into a classic “sell the news” event, leading to a complete reversal of the earlier price increase.

Still, PONKE’s volume soared to an all-time high of $88.57 million. This surge implies that the listing leads to higher interest in the meme coin. But in this case, rising volume alongside declining price is bearish, suggesting that the metric is strengthening the downtrend.

Read More: What Are Meme Coins?

If sustained, PONKE’s price might continue to decrease. The weighted sentiment around the meme coin is another factor suggesting an accelerated drawdown. 

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Author: Victor Olanrewaju