Rapid Price Surge of Pepe (PEPE) Coin
Pepe (PEPE) experienced a remarkable price increase on South Korean cryptocurrency exchanges following its listing on Upbit, which took place on November 14. The swift announcement and subsequent trading activity led to a staggering day-on-day price jump of 40% on Bithumb, an Upbit competitor that had already listed the meme coin earlier.
Impact of Upbit’s Listing Announcement
According to a report by News1, the news of Upbit launching fiat KRW trading for PEPE prompted an immediate price reaction. Within just one minute of the announcement, PEPE’s price surged by 8.5% on Bithumb. This phenomenon has been referred to as an “Upbit listing beam” effect, a term used in South Korean cryptocurrency communities to describe the price spikes that occur when new altcoins are announced for listing on local exchanges.
Launch Details and Trading Restrictions
Upbit officially commenced PEPE fiat trading on November 14 at 11:30 AM KST. In an effort to minimize excessive volatility, the exchange implemented several short-term restrictions during the initial trading period. These included limits on buy orders lasting about five minutes after trading commenced, a minimum sale price restriction for the first five minutes, and specific order type restrictions for the first hour of trading.
Impressive Trading Volume
The combination of positive market sentiment and the “listing beam” effect led to impressive trading volumes for PEPE on Upbit, surpassing 70 billion won (approximately $49.9 million) within the first three hours of its listing. This influx of trading highlighted the strong interest and speculative nature surrounding the newly listed meme coin.
Post-Listing Activity and Decline
However, the initial excitement surrounding PEPE did not last. Following the initial trading frenzy, both trading volumes and prices began to recede on the exchanges. By November 14, prices fell back to a 20% increase compared to the previous day’s average, aligning with a broader downturn in global crypto prices that followed an initial spike earlier that same day.
Market Sentiment and Influencing Factors
Despite the recent downturn, it’s worth noting that investor sentiment toward cryptocurrencies has shown signs of improvement recently. This shift can be attributed to a surge in Bitcoin prices, especially in the aftermath of Donald Trump’s victory in the US elections, which has reinvigorated interest in the crypto market.
Current Standing in the Market
As of GMT 12:30 PM on November 12, 2024, the trading landscape on both Bithumb and Upbit showcased the top five coins by 24-hour trading volume, highlighting the competitive nature of these exchanges and the changing dynamics in cryptocurrency trading.