BONK Tops Upbit Greed Index as Trading Surge Signals Overheating Risk

Bonk (BONK) climbed to the top of Upbit’s crypto ‘fear and greed’ rankings on Monday ET, a sign of intense short-term speculation, even as its price cooled slightly after a sharp run-up. The combination of an extremely elevated sentiment gauge and heavy turnover is drawing attention to whether the Solana-based memecoin is entering an ‘overheated’ zone.

In South Korea’s largest exchange by volume, BONK traded at 0.00779 KRW, down 0.13% on the day. Prices ranged from an intraday high of 0.00818 KRW to a low of 0.00747 KRW, while 24-hour turnover reached roughly 68.9 billion KRW (about $50 million).

Technically, the session showed signs of profit-taking near the top. BONK pushed to a fresh short-term high around 0.00818 KRW, but eased into the close, leaving a longer upper wick—often interpreted as sellers stepping in after an aggressive rally. The rebound from 0.00747 KRW suggests dip-buying remains active, but the broader pattern points to expanding volatility alongside rising caution about ‘crowded positioning’.

Upbit’s sentiment dashboard underscored the speculative tone. BONK registered a fear-and-greed score of 93, placing it at the peak of the ‘extreme greed’ band. Other high-ranking tokens included Kaito (KAITO) at 90, Pump.fun (PUMP) at 88, eCash (XEC) at 85, and Momentum (MMT), indicating that risk appetite is clustering in a small group of fast-moving names.

At the other end of the spectrum, Moonbirds (BIRB) posted a score of 15—deep in ‘extreme fear’—while Caldera (ERA), Treehouse (TREE), Zerobase (ZBT), and Yield Guild Games (YGG) were also flagged as fear-heavy. The split highlights a market where capital is rotating selectively: ‘momentum trades’ continue to attract short-term flows, while weaker names remain in price-discovery mode.

Liquidity data reinforced BONK’s prominence. The token ranked among the day’s most actively traded assets on Upbit, logging about 68.7 billion KRW in turnover—outpacing a mixed group of large caps and altcoins. OriginTrail (TRAC) traded around 462 KRW, down 0.86%, but still posted roughly 51.4 billion KRW in volume. Bitcoin (BTC) rose 0.08% to 95,148,000 KRW with about 42.7 billion KRW traded, while XRP (XRP) gained 0.12% to 1,615 KRW and Ethereum (ETH) added 0.33% to 2,759,000 KRW.

As a flagship memecoin in the Solana ecosystem, BONK has historically been driven by community-led distribution and fast-moving retail participation. Monday’s readout—top-ranked ‘greed’ and market-leading turnover—suggests BONK remains a focal point for short-term buyers, but the pullback from intraday highs indicates the market is also testing how much upside can be sustained without triggering deeper profit-taking.