DeepBook Protocol (DEEP) Token Price Soars by Over 38% After Listing on South Korea's Upbit Exchange

The token was already trading in BTC and USDT pairs since April 16, but the KRW pair changed the game.

The price of DeepBook Protocol (DEEP) token shot up more than 38% in just 24 hours after South Korea’s top exchange, Upbit, announced a KRW market listing for the token.

The token, which began trading in BTC and USDT pairs on April 16, saw a new chapter begin with the addition of the KRW pair and saw interest explode. It officially started trading at 2:30 KST on April 22.

The token spiked from under $0.10 to hit nearly $0.17 before pulling back to around $0.12. In the process, 24-hour trading volume exploded over 1,500% to more than $230 million. Market cap is now sitting close to $400 million, with DEEP ranked at #116 globally.

What Is DeepBook Protocol (DEEP)?

DeepBook Protocol is a DeFi project on Sui focused on bringing optimal trading performance fully on-chain. It offers various features like flash loans, parallel execution, and a high-throughput matching engine.

The DEEP token serves several purposes within this ecosystem. It’s used for paying trading fees, creating liquidity pools, and securing the network through staking and governance.

The token began trading on April 16 in BTC and USDT pairs on Upbit. It quickly drew attention, especially given the recent interest in new Sui projects.

Why Is DEEP Price Spiking?

The token price pump wasn’t just hype; it followed a textbook inverse head and shoulders breakout on the charts. DEEP cleared the neckline at around $0.10, pushed hard toward resistance at $0.17, and then cooled off as traders took profits.

However, with Korean retail traders now eying it and Upbit’s backing, DEEP might be stepping into a new phase.

Whether it holds or slips in the short term, the kind of volume and interest it’s pulling in right now are noteworthy.

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