Upbit Lists PEPE Trading Pair, Igniting Investor Activity and Price Swings

South Korea’s top exchange, Upbit, has launched a new trading pair for PEPE. This development will allow investors to trade PEPE against the Korean won. Trading began on November 14, 2024, at 11:30 a.m. KST. 

With PEPE’s recent listings on other major platforms like Coinbase and Robinhood, demand has soared. This listing has fueled market interest, prompting the platform to introduce measures to manage possible price swings.

Upbit's Steps to Manage Volatility

Upbit has set restrictions to keep early trading stable. For the first five minutes, buyers face a limit, and sellers must meet a set minimum price. Only limited orders will be allowed for the first hour of trading. 

Additionally, PEPE deposits and withdrawals will remain exclusive to the Ethereum network. Any attempt to deposit from unsupported networks could lead to delays or refunds, depending on the situation.

PEPE’s current market cap has now passed $10 billion, with daily trading volumes hitting $20 billion—a 200% increase. These numbers reflect PEPE's incredible popularity, especially after listings on major platforms. 

Profit-Taking Moves as PEPE Gains

Some early PEPE investors have begun to secure profits. Recently, a PEPE whale sold 500 billion tokens, earning $11.8 million. This investor initially purchased 2.01 trillion PEPE tokens last year, putting in 1,170 ETH, worth $2.12 million at the time. 

PEPE’s launch on Upbit’s KRW market has also sparked a sharp rise in open interest. Data from Coinglass shows PEPE’s open interest surged 63%, reaching $316 million. 

With this listing, Upbit gives Korean investors new access to the thriving world of PEPE. Although this memecoin holds both promise and risk, its popularity highlights the growing demand for alternative assets in the crypto market.