Coinbase-Backed Altcoin Skyrockets Nearly 100% After Earning Listing From Korean Exchange Upbit

South Korean crypto trade Upbit has introduced the brand new itemizing of a low-cap altcoin, triggering explosive worth motion.

In a brand new announcement on Could 29, Upbit says they’re itemizing Bounce (AUCTION), a crypto mission targeted on blockchain-based public sale expertise.

The mission, created by Bounce.Finance, is a decentralized public sale platform that enables for the swapping of tokens in a aggressive setting with a restricted provide of tokens.

Bounce is backed by a number of massive gamers within the area, together with Pantera, Coinbase Ventures and Blockchain Capital.

Following the announcement from Upbit, AUCTION exploded from the $16 stage to over $31, a few 94% achieve in a number of hours.

At time of writing, AUCTION is priced at $24.71 at a $160 million market cap.

Based on blockchain monitoring agency Lookonchain, a whale that was early to AUCTION waited three months to lastly break even after shopping for in late February. Primarily based on Lookonchain’s chart, the whale purchased what was primarily a neighborhood prime, and instantly bought as soon as worth retraced again to their entry.

“A whale lastly reached breakeven after holding AUCTION for 3 months.

He withdrew 59,599 AUCTION ($1.79M) from Binance at $30 on Feb 29, after which the value of AUCTION started to fall till Upbit introduced the itemizing of AUCTION.”

Supply: Lookonchain / X

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