ApeCoin surges 1,950% on South Korean crypto exchange Upbit

On April 12, Yuga Labs' ERC-20 token ApeCoin (APE) concisely surged to $90.00 from astir $4.20 apiece connected the South Korean cryptocurrency speech Upbit earlier astir gains were wiped retired successful a crisp sell-off. However, the token is inactive trading astatine $10.90 apiece astatine the clip of publication, representing a important premium of astir $4.50 compared to different exchanges. 

ApeCoin's spectacular rally connected Upbit

Currently, the lone APE trading brace listed connected Upbit is BTC/APE; it represents lone a tiny information of the coin's trading volume, with astir 4 cardinal tokens changing hands during the time compared to APE's wide circulation of 369 cardinal tokens. It appears the spike was attributed to an wide retail frenzy and constriction of disposable trading routes connected the exchange. On the aforesaid day, Upbit suspended the deposits and withdrawals of Ether (ETH) and ERC-20 tokens, pending the completion of the Ethereum network's Shanghai upgrade. 

As a result, APE, an ERC-20 token regarded by immoderate arsenic a memecoin, could not beryllium sold nor purchased into different ERC-20 tokens specified arsenic Tether (USDT) and ETH by Upbit's users, leaving the Bitcoin (BTC)-to-APE (BTC/USD) trading brace the lone disposable option. Since the rally, crypto terms aggregators specified arsenic CoinMarketCap person flagged Upbit's APE pricing arsenic an "outlier" erstwhile computing aggregate prices. 

Cointelegraph reported past twelvemonth that Upbit had achieved a adjacent monopoly successful South Korea's crypto speech landscape, with full assets of $8 cardinal and 80% of the home trading volume. However, authorities are reportedly considering regulatory restrictions to tame the size of the firm's operations.

Magazine: South Korea’s unsocial and astonishing crypto universe