- Upbit lists PEPE against KRW, introducing trading limits to control volatility and stabilize early market movements.
- Whale profit-taking sees a sale of 500 billion PEPE, despite holding $33.2M worth of tokens, showing impressive returns.
- PEPE’s market cap surges over $10B, with daily trading volumes skyrocketing by 200%, signaling heightened investor interest.
The biggest exchange Upbit, unveiled a new trading pair for the memecoin PEPE on November 14, 2024, which starts trading at 11:30 a.m. KST. This action is in line with Upbit’s plan to list PEPE against the Korean won. The Ethereum-based token has generated expectations prompting Upbit to implement restrictions to control volatility. These include a 5-minute buy limit and a minimum sell price during the first five minutes.
Measures to Control Volatility
Upbit’s restrictions are designed to stabilize early trading and prevent drastic price movements. For the first hour, only limited orders will be allowed. Moreover, the platform has emphasized that deposits and withdrawals are restricted to the Ethereum network. Users attempting to deposit from unsupported networks or unverified exchanges may experience delays or refunds.
These efforts come amid the surging popularity of PEPE, with the coin’s price rising sharply due to major listings on Coinbase, Robinhood, and Upbit. This surge in market activity has seen PEPE’s market cap surpass $10 billion, while daily trading volumes have increased by 200%, reaching over $20 billion.
Whale Activity and Profit-Taking
Early investors in PEPE have begun taking profits. A PEPE whale, who accumulated 2.01 trillion PEPE tokens between May and September last year, sold 500 billion coins worth $11.8 million. Initially, the whale invested 1,170 ETH (about $2.12 million at the time).
Despite this large sale, the whale still holds 1.48 trillion PEPE, valued at $33.2 million. This means the whale has turned an impressive 20x return on the original investment, yielding an estimated profit of $45 million.
Increased Market Interest
A period of increased market interest coincides with PEPE’s debut in Upbit’s KRW market. Coinglass reports that open interest in PEPE has increased to $316 million, a 63% increase. In a single day, liquidations have also topped $48 million. This increase implies that PEPE’s listing has generated a surge of investor interest, even as it also emphasizes the volatility involved in trading high-risk assets.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
