Key facts
- Upbit, South Korea's largest crypto exchange, will list nine altcoins on June 19.
- The listed altcoins include PEAQ, LIT, KMNO, MORPHO, GRAM, LDO, PAXG, OSMO, and AMP.
- Trading will commence in phases between 3 PM and 7 PM Korea Standard Time.
- Upbit will enforce temporary trading restrictions, including limits on buy orders and price fluctuations.
- PEAQ experienced a nearly 22% increase in price and a 300% surge in trading volume after the announcement.
South Korea's largest cryptocurrency exchange, Upbit, is set to list nine altcoins on June 19, sparking anticipation among traders for a potential rally driven by the so-called "Upbit Effect." The exchange will add PEAQ, LIT, KMNO, MORPHO, GRAM, LDO, PAXG, OSMO, and AMP to its Bitcoin (BTC) and Tether (USDT) markets.
Trading for these assets will commence in phases throughout the afternoon, starting at 3 PM Korea Standard Time (KST) and concluding by 7 PM KST. While most tokens will feature both BTC and USDT trading pairs, AMP will be exclusively available against USDT. Upbit has also announced temporary trading restrictions, including a five-minute ban on buy orders and limitations on sell orders priced more than 10% below the previous day's close, to manage initial volatility. Only limit orders will be permitted for approximately two hours after trading begins.
The market has already shown a positive reaction, with PEAQ jumping nearly 22% and experiencing a close to 300% increase in trading volume in the 24 hours preceding the announcement. Other listed tokens saw more modest gains. Traders are now closely observing whether this series of listings can replicate the historical "Upbit Effect," which has previously led to significant buying momentum and sustained price increases for newly listed cryptocurrencies. The timing of these listings coincides with a period of expected heightened volatility in the broader crypto market due to an upcoming Bitcoin, ETH, XRP, and SOL options expiry.