u.today
ApeCoin, or simply $APE, recently stole the show on the crypto market, soaring 2,000% on Upbit, Korea's largest exchange. The sudden jump in value caught the attention of investors and analysts, prompting questions about the reasons behind this crypto-madness.
$APE's twentyfold rise in price coincided with Upbit suspending deposits and withdrawals of ETH and tokens from the ERC20 network, causing a stir among Korean retail investors. While there is no specific reason for such unusual pricing behavior, there is speculation that it is $APE that Korean crypto enthusiasts are starting to pump up during periods of withdrawal and deposit freezes.
At the same time, a warning appeared on Upbit's CoinMarketCap page opposite the $APE/$BTC pair that there may be an outlier in token volumes on the exchange. Such a disclaimer could signal the artificial nature of $APE's recent trading on Upbit. The token's trading volume on the Korean exchange is now reported to be $100 million, double that of Binance.
At its peak, the $APE vs. $BTC pair on Upbit reached a value of 0.003 $BTC, which is around $90. It is important to note that ApeCoin only has this pair on the Korean crypto platform. ApeCoin is currently trading at $30 on Upbit, which is significantly different from the token's price of $4.44 on Binance. However, at the same time, arbitrage of this currency is not possible due to the very suspension of transactions with ERC-20 tokens ahead of the Shanghai hard fork.