Key Highlights
- PIEVERSE jumped about 60% after listing on Upbit, with an early surge that pushed it to an all-time high of $1.66.
- The token saw very high trading activity, with volume hitting $641 million in a short time.
- Upbit added trading limits at launch (buy restrictions and limit orders) to control price swings during the early hours.
A new token, PIEVERSE, is in the spotlight today as it recorded a sharp 60% in early trading hours after it got listed on Upbit, one of the biggest crypto exchanges in South Korea.
This listing gave the token more access to buyers and traders, which has quickly pushed the price up. Trading opened on the platform at 7:00 AM UTC with support for KRW, BTC, and USDT pairs.
At the time of writing, PIEVERSE is trading for $0.9799, up 57.8% after the listing.
Price performance in the first hours of Upbit listing
During the first hours of listing, the token went from around $0.60 to an all-time high of $1.66, representing a jump of about 177% in a short time.
In a post on X, Upbit had mentioned that deposits and withdrawals would open about one hour and thirty minutes after the announcement, but trading could be delayed if there was not enough liquidity.
To keep things stable, the exchange added some rules. Buy orders were restricted for the first five minutes after launch. At the same time, traders were not allowed to sell below 10% of the previous day’s closing price.
In addition, only limit orders were allowed for the first two hours. Shortly after the initial surge, the token cooled down and traded between $0.90 and $1.00, still maintaining gains of more than 60%.
Strong trading activity amid market interest
During the first hours of trading, the token recorded about $216.8 million in trading volume, which was close to 74% of its total market value of approximately $290.5 million at the peak. This volume-to-market-cap ratio indicates intense speculative activity in a compressed timeframe.
At the time of writing, trading volume has surged over 1,228% compared to pre-listing levels, reaching $641 million. The market cap has pulled back from the peak of approximately $290.5 million to about $210 million as the token price settled to $0.97 following the initial spike.
It is worth noting that only about 220 million of the total 1 billion PIEVERSE tokens are currently in circulation, meaning roughly 78% of the supply remains locked. This concentrated circulating supply can amplify price movements in both directions, and traders should be aware of the potential dilution as additional tokens unlock over the coming months.
The token is also available across other platforms such as MEXC, INDODAX, and BYDFi, along with decentralized trading on PancakeSwap.
What is PIEVERSE token?
PIEVERSE is designed to build a payment system for the Web3 space. It is designed to support transactions between people, AI, and machines.
According to its whitepaper, the token was created as an “agent-native” payment system that removes gas fees and makes transactions easier to track. In short, each transaction is recorded with a timestamp, and can be checked later, which could help businesses and in tax use. Moreover, the token is built on the BNB Smart Chain (BEP-20) network.
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