- 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.
Breaking: Upbit, the largest exchange in South Korea, announced that it will launch the PEPE Korean won trading pair, which is scheduled to be officially opened for trading at 10:30 on November 14. https://t.co/OF3EooxyoS
— Wu Blockchain (@WuBlockchain) November 14, 2024
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.