The Orca (ORCA) token experienced significant gains after being listed on the Upbit platform, with its price surging above $4.50 following enhanced trading activity.
Upbit Listing and ORCA Price Surge
The Upbit listing had a major impact on the market, causing ORCA prices to surge to over $4.53. Trading volumes hit $653M in a single day following the announcement.
Market Chaos and Mass Liquidations
The abrupt rise in ORCA's value caused panic in the market. The token's price quickly peaked, leading to $2.91M in liquidations, especially affecting short-seller traders. This was followed by a downturn in the asset's price.
Liquidity Decline on Orca DEX
Liquidity on the Orca DEX dropped from a peak of $365M to $250M after the end of interest in meme tokens. Despite the recent rally, liquidity outflow continues.
The ORCA rally highlighted the volatility of the crypto market and its susceptibility to listing news. While the token showed considerable growth, liquidity on the Orca DEX continues to decline.
