#pepe price surges in South Korea after news of its listing on Upbit
News1 reported that “PEPE price surged 8.5% on Bithumb in the minutes after rival Upbit announced its listing against the official won (KRW) in South Korea.
The news agency described the event as a “listing spark” resulting from Upbit’s announcement, as the term “listing spark” in South Korean crypto communities refers to the sudden surge that follows news of a new altcoin listing on local exchanges.
Upbit launched PEPE trading against the official currency on November 14 at 11:30 a.m. KST, and stated that it would impose temporary “restrictions” to limit “volatility,” including:
Putting limit orders with a price limit for approximately 5 minutes after trading begins.
Minimum selling price imposed during the first 5 minutes of trading.
Some types of orders banned during the first hours of trading.
The news agency added that “positive” bullish forces and the “listing spark” effect pushed PEPE’s trading volume on Upbit “to exceed 10 billion won (worth $49,885,300) in the first three hours of listing.”
