Mocaverse Coin (MOCA) experienced a dramatic 370% price surge after being listed on two of South Korea’s largest cryptocurrency exchanges, Upbit and Bithumb. This development has sparked significant interest in the South Korean market, driving MOCA’s trading volume and trader participation to record highs.
Massive Price Increase and Whale Activity
The listing announcement propelled MOCA's price from $0.08 to $0.41 before retreating to $0.23 due to intense whale activity and investor sell-offs. Blockchain analysis revealed that some whales dumped millions of MOCA tokens, contributing to the price volatility. For instance, one whale deposited 9.5 million MOCA tokens into the Bybit exchange, generating a $2.55 million profit from the sale. Following the listings, MOCA's trading volume skyrocketed by over 4500%, while its futures positions surged by 1250%. These figures highlight the token's massive popularity among traders, though its volatility remains a concern.
Strategic Importance of the South Korean Market
South Korea’s vibrant retail consumer base of over 28 million people makes it a critical market for Web3 and metaverse innovations. The MOCA Foundation views the listings as the first step in its expansion strategy for the South Korean market. The foundation emphasized that this development marks the beginning of a long-term plan to engage South Korean users, contributing significantly to the Mocaverse ecosystem.
Key Listing Details
Upbit has enabled MOCA trading in KRW, BTC, and USDT pairs, while Bithumb supports trading through the Ethereum network in the KRW pair. Trading began on December 16 at 2:00 PM KST. Both exchanges require deposits and withdrawals to be made exclusively from verified personal wallet addresses. Additionally, South Korean exchanges updated the token’s branding to 'Mocabus' to better align with the Mocaverse ecosystem.
The MOCA Foundation has expressed optimism about its growing presence in South Korea, considering the listings as a foundational move to broaden its reach. The foundation believes the contributions of South Korean users will strengthen the Mocaverse project in the long run.
