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The ORCA token experienced a remarkable surge of over 200% after Upbit, South Korea's largest cryptocurrency exchange, announced its listing. This significant price increase marks a pivotal moment for the Solana-based token, which has now surpassed the $5 threshold for the first time this year.
Key Takeaways
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ORCA's price jumped nearly 215% in 24 hours, reaching $5.07.
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The token had been trading around the $1 mark prior to the announcement.
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Upbit will support trading pairs with Bitcoin, Tether, and Korean won.
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Users can deposit and withdraw ORCA shortly after the listing announcement.
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Upbit denied allegations of requiring fees for token listings.
ORCA's Price Surge
On March 21, ORCA skyrocketed to its highest peak of the year, breaking through the $5 mark. According to CoinGecko, the token's price reached $5.07, a level not seen since December 2024. Prior to this announcement, ORCA had been relatively stagnant, fluctuating around $1 and failing to exceed $2.
The surge in price was triggered by Upbit's announcement that it would list ORCA on its platform starting at 17:00 KST. This news sent shockwaves through the market, leading to a flurry of trading activity.
Trading Details
Following the announcement, users were allowed to deposit and withdraw ORCA two hours later, just before trading commenced. Here are some key trading details:
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Trading Pairs: ORCA will be available for trading against Bitcoin (BTC), Tether (USDT), and Korean won.
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Order Restrictions: Buy orders for ORCA will be restricted for the first five minutes after trading begins, while all order types except limit orders will be restricted for one hour.
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Sell Order Cap: Sell orders will be capped at a minimum of 10% less than the previous day’s closing price, which was approximately 2,349 Korean won (around $1.60).
About ORCA
ORCA is the native token of a decentralized exchange and automated market maker protocol built on the Solana blockchain. It provides users with tools to create tokens without coding knowledge. The ORCA token also serves as a governance token, allowing holders to propose and vote on protocol decisions.
Upbit's Listing Process
In a related development, Upbit addressed allegations that projects must pay brokerage fees for token listings. The exchange clarified that all listings undergo an internal review process and do not require financial compensation. This statement came in response to claims made by Wu Blockchain, which suggested that some projects had to pay intermediary fees ranging from 3% to 5% of their total token supply.
Conclusion
The recent surge in ORCA's price following its listing on Upbit highlights the dynamic nature of the cryptocurrency market. As trading begins, many investors will be watching closely to see how the token performs in the coming days. This event not only signifies a milestone for ORCA but also reflects the growing interest in decentralized finance and the potential of tokens built on the Solana blockchain.
Sources
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ORCA surges over 200% after Upbit listing announcement, Crypto News.
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