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.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Troyan
This news is republished from another source.
