BRETT, PEPE Prices Jump On Upbit Listing: Rallies to Sustain?
Release: 2024/08/21 17:59 Reading: 549
South Korea's Upbit Lists Brett (BRETT) and Pepe (PEPE)
Upbit, South Korea's largest cryptocurrency exchange, has added the memecoins Brett (BRETT) and Pepe (PEPE) to its USDT market.
This move follows Upbit's commitment to embracing the growing popularity of memecoins. The listing has garnered significant interest, resulting in price fluctuations for both tokens.
New Trading Pairs: BRETT/USDT and PEPE/USDT
On August 20th, Upbit announced the listing of BRETT and PEPE trading pairs with USDT, a stablecoin pegged to the U.S. dollar.
To encourage trading activity, the exchange offered free withdrawals of both tokens for the first 24 hours. However, normal withdrawal fees will apply after this period.
Upbit has emphasized the importance of using the correct network for deposits and withdrawals. BRETT operates on the Base chain, while PEPE utilizes the Ethereum chain.
Brett (BRETT): Market Impact
Launched in February 2024, Brett (BRETT) is a memecoin inspired by the "Boy's Club" comic character. It aims to become a cultural icon in the crypto industry, particularly for the Base chain.
Following the Upbit listing, BRETT's price surged. Within the first day, it rose by approximately 25% to $0.09318. Binance has also introduced a USDⓈ-Margined BRETT Perpetual Contract with up to 50x leverage.
Pepe (PEPE): Gaining Traction
Pepe (PEPE), inspired by the internet meme Pepe the Frog, was launched on the Ethereum network in April 2023. It seeks to establish its position among popular memecoins like Dogecoin and Shiba Inu.
Upbit's listing of PEPE has also impacted the token's market. After the announcement, it experienced an upward surge of over 13%.
Cautionary Notes for Traders
Upbit has implemented transaction limitations and conditions for the BRETT and PEPE listings.
During the initial trading period, buy orders were restricted for five minutes. Selling orders below 10% of the previous day's close were also prohibited.
The exchange has reiterated the Travel Rule, regulating the transfer of digital assets. Deposits from non-approved virtual asset operators may face additional checks. Additionally, large deposits may require evidence of the funds' origin to comply with legal requirements.
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