South Korean crypto exchange Upbit has announced the new listing of a low-cap altcoin, triggering explosive price action.
In a new announcement on May 29, Upbit says they’re listing Bounce (AUCTION), a crypto project focused on blockchain-based auction technology.
The project, created by Bounce.Finance, is a decentralized auction platform that allows for the swapping of tokens in a competitive environment with a limited supply of tokens.
Bounce is backed by several large players in the space, including Pantera, Coinbase Ventures and Blockchain Capital.
Following the announcement from Upbit, AUCTION exploded from the $16 level to over $31, about a 94% gain in a few hours.
At time of writing, AUCTION is priced at $24.71 at a $160 million market cap.
According to blockchain tracking firm Lookonchain, a whale that was early to AUCTION waited three months to finally break even after buying in late February. Based on Lookonchain’s chart, the whale bought what was essentially a local top, and immediately sold once price retraced back to their entry.
“A whale finally reached breakeven after holding AUCTION for 3 months.
He withdrew 59,599 AUCTION ($1.79M) from Binance at $30 on Feb 29, and then the price of AUCTION began to fall until Upbit announced the listing of AUCTION.”
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