South Korean cryptocurrency exchange Upbit has announced the new listing of a low-cap altcoin, sparking explosive price action.
In a new announcement on May 29, Upbit says they are offering Bounce (AUCTION), a crypto project focused on blockchain-based auction technology.
The project, created by Bounce.Finance, is a decentralized auction platform that enables token exchanges in a competitive environment with a limited supply of tokens.
Bounce is backed by several major players in the space, including Pantera, Coinbase Ventures, and Blockchain Capital.
Following Upbit’s announcement, AUCTION exploded from the $16 level to over $31, a gain of around 94% in a few hours.
At the time of writing, the auction price is $24.71 at a market cap of $160 million.
According to blockchain tracking company Lookonchain, an early auction whale waited three months before finally breaking even after purchasing in late February. Based on Lookonchain’s chart, the whale bought what was essentially a local top, then immediately sold as soon as the price returned to their entry.
“A whale finally broke even after holding the AUCTION for three months.
He withdrew 59,599 AUCTION ($1.79 million) from Binance for $30 on February 29, and then AUCTION’s price started falling until Upbit announced AUCTION’s listing.
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Featured image: Shutterstock/Troyan