ORCA Skyrockets More Than 210% After Upbit Announces Its Listing

After Upbit announced its listing on March 21, ORCA skyrocketed more than 210%, reaching its highest peak this year.

The price of ORCA has skyrocketed more than 210% to reach its highest peak this year after Upbit announced its listing.

According to data from CoinGecko, the killer-whale themed token was able to breakthrough the $5 threshold for the first time in 2024. At press time, the Solana (SOL)-based coin has gone up 214.9% in the past 24 hours of trading. The token is currently trading at $5.07. The last time it reached that level was in December 2024.

The token has remained relatively stagnant throughout the past month, only fluctuating around the $1 mark and never managing to go over $2. The surge in price came shortly after Upbit, the largest South Korean crypto exchange by trading volume, announced that it will be listing ORCA on its platform starting March 21 at 17:00 KST.

The token will be available to trade with Bitcoin (BTC), Tether (USDT) and Korean won pairs.

Users can begin depositing and withdrawing the token two hours after the notice was posted, which is around one hour before the platform starts providing trading support.

Buy orders for ORCA will be restricted for five minutes after Upbit begins trading support. Meanwhile, all types of orders, with the exception of limit orders, will be restricted for one hour after trading support starts.

In addition, sell order prices will be capped at a minimum of 10% less than the previous day’s closing price. Based on the notice, the previous day’s closing price for ORCA is capped at 2,349 Korean won or around $1.60, which is nearly 70% lower than the current price it has jumped to.

ORCA is the native token of the decentralized exchange and automated market maker protocol of the same name. Orca is a project built on the Solana blockchain which provides users with tools to create tokens without needing to code. ORCA is used as a governance token for the protocol. Holders of the token are able to propose agendas and vote on decisions regarding the protocol.

Earlier today, Upbit denied accusations that projects need to pay a brokerage fee if they wish to have their tokens listed on the platform. The South Korean exchange claimed that all listings go through an internal review process without asking for financial compensation.

The allegations came from Wu Blockchain, which claimed that several projects had to pay intermediary fees ranging from 3% to 5% of their total token supply.