ORCA Token Surges 210% Post-Upbit Listing

Coin WorldFriday, Mar 21, 2025 11:45 pm ET
2min read

ORCA, the native token of the Solana-based decentralized exchange (DEX), witnessed a substantial price increase following its listing announcement on Upbit. The token's value soared by over 210%, reaching its highest point for the year. This dramatic surge was fueled by the anticipation and subsequent confirmation of ORCA's listing on the South Korean exchange, Upbit. The announcement on March 21 triggered a vertical rally, with ORCA's price peaking at $5.06, marking a three-month high. The increased trading activity was not confined to Upbit but also extended to other platforms, including Binance.

The listing on Upbit, a prominent exchange in the region, often leads to rallies for crypto assets, which can spill over to other markets. ORCA traded at a premium on some exchanges, ranging between $4.02 and $4.12, reflecting the KRW premium. This rally was particularly notable as it occurred despite a general decrease in DEX volumes and overall Solana usage. South Korean exchanges are known for their conservative approach, typically listing tokens that have already established some liquidity. In this case, ORCA received a new energy boost, demonstrating that altcoins and tokens still have the potential for significant rallies.

The ORCA rally caused market chaos and panic, with the asset experiencing a peak of $2.91 million in total liquidations, predominantly affecting short traders who had bet on the ongoing bearish trend. The rally was immediately aggressively shorted again at the top, with traders expecting the price to revert to baseline levels. However, the immediate reaction to the listing also sparked speculation of insider knowledge. Soon after the peak of the rally, ORCA started to crash again, sinking to $3.85 within hours of its vertical pump.

Open interest for ORCA immediately expanded as traders reset their positions. Contracts moved up from just $2.87 million to over $55 million, with around 60% in short positions and 40% in long positions. The volatile trading caused liquidations in both directions, with most of the pump’s effect felt during Asian trading hours. The rally also saw a negative funding rate, signaling outflows for short sellers.

The Orca DEX, which gained prominence after becoming the top market for Official Trump (TRUMP) and Melania (MELANIA) tokens, saw a decrease in liquidity from a peak of over $365 million down to $250 million. Since January 20, Orca experienced an outflow of liquidity as the most active meme tokens lost their appeal. The DEX now carries around $310 million in daily trades, with around $149,000 in daily fees. During peak times, Orca brought in up to $9.89 million in fees, lining up among the top 10 most lucrative apps. The DEX also saw an outflow of new open positions, after peaking in late 2024, as it lost some of its liquidity providers.

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