Upbit Korea Welcomes MEW to Its Exchange Driving Price and Volume Spike

Sentiment Status: Positive

To manage the volatility associated with newly listed assets, Upbit imposed several restrictions on MEW’s trading.

The Solana-based memecoin Cat in a Dog’s World (MEW) has officially made its debut on Upbit Korea, one of the most reputable digital asset exchanges in South Korea.

Upbit announced the listing of MEW in its Korean Won (KRW) market, allowing South Korean traders to buy and sell the token. The trading pair MEW/KRW went live at 16:00 KST, giving local investors access to this memecoin, further expanding its user base and visibility.

Deposits and withdrawals are available through the Solana network. The listing opens up new trading opportunities and increases liquidity for MEW as it solidifies its presence in the South Korean market.

Following the listing announcement, MEW saw an impressive price increase of 20%. The price spiked from a low of $0.008420 to a high of $0.01045 within the day.

Market analysts anticipate further price increases as MEW continues to gain attention. The token has already caught the eye of derivatives traders, with total open positions in MEW futures increasing by 16% to $165.43 million. The derivatives volume rose 302% to $1.32 billion, indicating growing market optimism.

To manage the volatility associated with newly listed assets, Upbit imposed several restrictions on MEW’s trading. For the first five minutes, buying orders were restricted, while sell orders below 10% of the previous day’s closing price were blocked to prevent drastic price swings. Additionally, only limit orders were accepted during the first hour, creating a more stable environment for trading.

These measures are designed to protect both new and seasoned traders from significant fluctuations.