#CryptoMarketMoves #BinanceBlockchainWeek #HamsterKombat #BinanceTurns7 #SahmRule Upbit cryptocurrency exchange has officially announced the addition of BRETT and Pepe Coin to its trading platform. The announcement detailed that the trading support for BRETT and PEPE would commence at 19:30 on August 20th, with deposits and withdrawals opening two hours prior from the time of the notice.
Upbit Announces Support for BRETT and Pepe Coin
According to a press release on Upbit’s website, introducing these meme coins marks a step in diversifying the range of assets available to traders on the platform. BRETT, a digital asset based on the Base Chain, and Pepe Coin, which operates on the Ethereum network, are positioned to leverage their unique market appeal to capture the interest of investors.
The trading platform has also noted that withdrawal fees for these assets will be waived for the first 24 hours following the commencement of deposits and withdrawals to encourage user engagement.
In addition, the crypto exchange initially implemented trading restrictions to stabilize the market. For the first five minutes post-launch, buy orders will be restricted, and selling prices must not fall below 10% of the previous day’s closing price.
Moreover, market and reservation orders will see restrictions about an hour after trading begins. These measures will prevent market manipulation and ensure a fair user trading environment.
Additionally, another crypto exchange, Binance, is set to launch the USDⓈ-Margined BRETTUSDT Perpetual Contract on August 20, 2024, at 10:35 (UTC), offering up to 50x leverage. This new contract will feature Brett (BRETT) as the underlying asset, with USDT as the settlement asset.
Upbit Guidelines and Regulations
Upbit has emphasized the importance of adhering to the guided networks for transactions. BRETT transactions will be processed on the Base network, and Pepe Coin transactions on the Ethereum network for smooth processing of deposits and withdrawals.
Additionally, in compliance with the Travel Rule, all deposits must be made from exchanges listed as eligible operators by Upbit. Non-compliance with these guidelines can lead to delays in the reflection of deposits and potential withdrawal issues.
The exchange also requires large deposits be accompanied by proof of the origin of funds, as stipulated in their Terms. This requirement is part of Upbit’s commitment to preventing crypto crime and ensuring the security of the trading platform. Personal wallet addresses used for transactions must also have completed ownership verification to further enhance security measures.
Market Response to New Listings
The market response to the listing of BRETT and PEPE on Upbit was notably positive. Pepe Coin priceincreased by 12%, trading at $0.000008088 at press time. Moreover, a Coin Gape report predicts a bounce from the 61.8% Fib retracement level could catapult PEPE to the 0.27 Fib extension level around $0.00002250, a 200% increase from the current price.
On the other hand, BRETT experienced a 30% surge in value to $0.1031 shortly after the trading support announcement. This price movement reflects the growing interest and optimism among traders about the potential of these meme tokens.
Historical data provided by Upbit shows the previous day’s closing price for BRETT was 0.07887 USDT, climbing to 0.08394 USDT just before the announcement. These statistics highlight the immediate impact of the listing announcement on the prices of these digital assets.
