Solana DEX ORCA price witnessed an exceptional price surge today.
Top Korean exchange Upbit announced ORCA token listing with BTC, USDT, and KRW trading pairs. The crypto market continues its mundane performance with Bitcoin trading in the $83K price range and Ether falling back to $1,900. Meanwhile, a few of the cryptocurrencies are recording considerable price gains such as ORCA, ACH, FARM, and CAKE, among others. Orca is one of the top decentralized exchanges on the Solana blockchain. As per DefiLlama, Orca is the 3rd DEX of Solana with a $276.64 million 24-hour trading volume. It holds $245.79 million in total value locked (TVL), at press time.
ORCA Price (Source:CoinMarketCap)
The ORCA price is trading at $3.86 with a 140% rise in the last 24 hours, at the time of reporting. While its market cap is standing at $205.83 million, 24-hour trading volume surged by a whopping 6,748%. It’s been a few weeks since ORCA’s price stood at the $3 price level. Despite the incredible price surge, ORCA’s price is trading much below its all-time high of around $20.
ORCA Price Surge Led by Upbit Token Listing Announcement
The primary reason behind the ORCA token price surge is its token listing announcement from Upbit. It is the top crypto exchange in Korea and acquired the top 5th exchange by trading volume in the world. Thus, the token listing announcement from Upbit hyped ORCA and resulted in its price surge. Upbit announced the ORCA token listing earlier today with BTC, USDT, and KRW trading pairs on its X account. The token started trading on the platform at 17:00 KST today. The increased user base of Upbit and recognition from the exchange have caused the ORCA price to rise above the $3 level.
However, the price surge might not last long. Token listing announcements from top exchanges often lead to price surges of similar kinds. This will eventually result in an overbought condition and a price correction follows. Only time will tell if ORCA will sustain this price surge or fall within a few days.
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