Soaring Immediately After Upbit Listing…SOON Shakes the Market

▲ SOON/Source: Upbit Korea X

As funds poured in immediately after SOON's listing on Upbit's KRW market, it experienced a short-term sharp rise.

According to CoinMarketCap, a cryptocurrency market data aggregator, on April 17 (local time), SOON rose by 66.86% over 24 hours, reaching $0.225, placing it among the top market gainers. The timing of the surge coincided with its Upbit listing, and is analyzed as a direct reflection of the inflow of supply and demand.

According to Upbit's announcement, SOON was newly listed on the KRW market at 2 PM on April 17, with trading commencing at 2:30 PM on the same day. As an asset based on the Solana network, its inclusion in the KRW market expanded accessibility for domestic investors, acting as a key factor in the price increase.

Trading volume also directly reflected the listing effect. SOON's 24-hour trading volume surged by 2,016% to approximately $217 million, which is a typical pattern of liquidity concentration immediately after a new listing. Especially since Upbit is the largest exchange in Korea, listings on its KRW market typically see a significant increase in short-term capital inflow.

However, due to the nature of early listings, there is also a possibility of increased volatility. The trading volume to market capitalization ratio rose to 2.09, increasing the proportion of short-term trading, and consequently, the price has entered a range where fluctuations could widen.

In the short term, maintaining support at $0.20 is crucial. If it holds this level, further increases to $0.25-$0.30 are possible, but if it breaks down, a rapid correction could occur due to profit-taking. The market views this surge as a reflection of supply and demand following the Upbit listing.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*