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 <p>South Korean crypto exchange Upbit has announced the new listing of a low-cap altcoin, triggering explosive price action.</p>
 <p>In a new announcement on May 29, Upbit says they’re listing Bounce (AUCTION), a crypto project focused on blockchain-based auction technology.</p>
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 <p>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.</p>
 <p>Bounce is backed by several large players in the space, including Pantera, Coinbase Ventures and Blockchain Capital.</p>
 <p>Following the announcement from Upbit, AUCTION exploded from the $16 level to over $31, about a 94% gain in a few hours.</p>
 <p>At time of writing, AUCTION is priced at $24.71 at a $160 million market cap.</p>
 <p>According to blockchain tracking firm Lookonchain, a whale that was <a rel="noopener noreferrer nofollow" title="early" href="https://thebittimes.com/tag/early.html">early</a> 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.</p>
 <p><em>“A whale finally reached breakeven after holding AUCTION for 3 months.</em></p>
 <p><em>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.”</em></p>
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GOwHbEoaEAEcGiv?format=jpg&amp;name=4096x4096" alt="Image" width="2574" height="1262">
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   Source: Lookonchain / X
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/coinbase-backed-altcoin-skyrockets-nearly-100-after-earning-listing-from-korean-exchange-upbit-tbt90408.html">https://thebittimes.com/coinbase-backed-altcoin-skyrockets-nearly-100-after-earning-listing-from-korean-exchange-upbit-tbt90408.html</a></p>

Coinbase-Backed Altcoin Skyrockets Nearly 100% After Earning Listing From Korean Exchange Upbit

TheBitTimes

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