Earlier today, Binance introduced the Solana-based meme coin Ponke ($PONKE) to its futures market, pairing it with USDT in a perpetual contract. Created in 2023 as a monkey-themed meme coin, PONKE initially gained popularity among meme coin enthusiasts before fading due to rising competition from tokens like Dogwifhat (WIF) and Bonk (BONK). The Binance listing reignited interest in PONKE, pushing its price from $0.44 to $0.51—a 12% increase within minutes.

Short-Lived Gains: Sell the News

However, the surge was fleeting. Shortly after the price hike, PONKE saw a classic “sell the news” scenario, leading to a sharp reversal of gains. Market excitement surrounding the Binance listing dissipated, with PONKE’s price retracing to pre-listing levels. As of now, PONKE is trading around $0.432, erasing all initial gains.

Record Volume Reflects Bearish Sentiment

Ponke Volume. Source: Santiment

Despite the price drop, trading volume soared, with PONKE hitting a record volume of $88.57 million. This surge suggests heightened interest but also indicates bearish sentiment, as high volume accompanied by a price decline generally points to a downtrend. The broader market perception, or Weighted Sentiment, also turned negative post-listing, signaling waning demand for PONKE.

PONKE Price Prediction: Decline to Continue?

Technical indicators paint a similarly bleak picture for PONKE’s near-term trajectory. The Moving Average Convergence Divergence (MACD) indicator has turned negative, signaling bearish momentum.

Ponke 4-Hour Analysis. Source: TradingView

With this downtrend in place, analysts suggest PONKE could dip to $0.36 unless buyers intervene. Alternatively, a potential rally could lift PONKE back up to $0.62, though that would require a shift in current market sentiment.

As PONKE settles into Binance’s listings, its volatile journey illustrates the unpredictable nature of meme coins, with the Binance boost proving short-lived this time around.