Key Takeaways
- ORCA, a native token from the Solana blockchain has witnessed a steep rise in prices after the Upbit listing announcement.
- As per reports, Upbit, one of the leading crypto exchanges in South Korea has announced the listing of the native token of the Orca project on the platform on 21 March 2025.
- Since this announcement, the ORCA token has surged over 100%, reaching its highest price of $5.1021.
- ORCA has been experiencing a dip, however, the Upbit announcement changed its market altogether.
- Meanwhile, Upbit introduced certain restrictions in the ORCA trading to avoid large price fluctuations.
The Solana-based decentralized exchange Orca once again proves the unpredictability of crypto with its latest surges in prices. With a recent announcement from the Upbit platform, a popular South Korean cryptocurrency exchange, the ORCA prices have surged significantly. According to current reports, the Upbit exchange on 21 March announced that it would list the ORCA token on it. This led to a significant increase in ORCA token prices, reaching an annual high of $5.1021, with over 100% growth compared to the low price of $1.56.
According to the Upbit announcement, the platform decided to list the ORCA token on its platform from 21 March along with KRW (Korean Won), BTC (Bitcoin), and USDT (Tether) trading pairs. As mentioned, the trading began at 17:00 KAST, yesterday. Being a popular and reputed cryptocurrency exchange in South Korea, Upbit’s decision to list the ORCA token impacted the token significantly. The reputation of the exchange attracted major investors to it, particularly from South Korea.
Although the token surged in prices, normally a large fluctuation can be expected in such situations. However, Upbit took some precautions and introduced certain restrictions to avoid such large price fluctuations. This included limited buy orders on ORCA for the initial five minutes. Moreover, only limited orders were permitted to provide managed trading activity for the first hour of the token launch. Furthermore, measures were also taken to avoid steep declines in prices and maintain market stability. This includes setting the sell orders at a 10% lower rate than the previous close.
ORCA Market and Current Prices
Although the ORCA token had a decent market, the token has been facing a decline ever since 6 December 2024 after hitting its all-time high price of $7. Since then, the prices dropped significantly reaching a low rate of $1.56. The token has not risen in price then. However, the Upbit announcement helped the ORCA token regain its lost traction and reach its annual high price of $5.1021.
According to current market analysis, the ORCA token is traded for a market price of $2.88. The 24-hour trading volume of the token is currently $732.07M, representing a growth of 1783.97%. The FDV of ORCA is now $289.06M and the Vol/Mkt Cap for the last 24 hours is 455.44%.
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Has ORCA Paid Brokerage Fee For The Listing?
Upbit had to face a recent allegation suggesting that the exchange buy brokerage fees to list tokens on their platform. The Wu Blockchain has come up with this allegation. The Wu Blockchain’s post claims that multiple projects had to pay brokerage fees to intermediaries to secure a place in the Upbit and Bithumb listing. The post also mentioned that around $10 million were paid to Upbit as intermediary fees. However, the firm has denied these acquisitions.
According to Upbit, all their trading support decisions are made after undergoing a strict internal review process. They also added that no financial compensation is received for any of the listings. Upbit noted that its officials follow an internal evaluation process and decide which token to list on its platform.