Yuga Labs’ ERC-20 ApeCoin (APE) token quickly rose from around $4.20 to $90 on South Korean cryptocurrency exchange Upbit on April 12 before most of the profits evaporated in a sharp sell-off. However, at press time, the token was still trading at $10.9, representing a premium of around $4.50 compared to other exchanges.
Spectacular ApeCoin Bullish on Upbit
Currently, the APE trading pair listed on Upbit is only BTC/APE; it only accounts for a small part of the token trading volume, compared with the total circulation of APE of 369 million, about 4 million tokens changed hands on the day. This surge appears to be down to an overall retail frenzy and limited availability of exchange-traded routes. On the same day, Upbit suspended the deposit and withdrawal of Ethereum and ERC-20 tokens, waiting for the upgrade of the Ethereum network in Shanghai to be completed.
As such, APE, an ERC-20 token considered by some to be a memecoin, cannot be sold or bought on Upbit for other ERC-20 tokens such as Tether and ETH, ultimately leaving only the BTC/APE pair as a viable Choice. Single use. Cryptocurrency price aggregators like CoinMarketCap have labeled Upbit’s APE valuation an “outlier” when calculating aggregate prices since the bull run.
Upbit has achieved a near monopoly in South Korea’s cryptocurrency trading field, with total assets of $8 billion, accounting for 80% of South Korea’s trading volume. However, authorities are said to be considering adjusting regulations to limit the size of the company’s operations.
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As reported by Cointelegraph
