South Korea’s largest cryptocurrency exchange, Upbit, has recently expanded its USDT market by adding two new memecoins: Brett (BRETT) and Pepe (PEPE). This move aligns with Upbit’s strategy to capitalize on the growing popularity of memecoins in the cryptocurrency space. The addition of these tokens has generated significant interest and market activity, leading to notable price fluctuations.New Trading Pairs: BRETT/USDT and PEPE/USDT
On August 20th, Upbit announced the introduction of trading pairs for BRETT and PEPE against USDT, a stablecoin pegged to the U.S. dollar. To incentivize initial trading activity, Upbit is offering free withdrawals for both tokens within the first 24 hours of trading. After this promotional period, standard withdrawal fees will apply.
Users are advised to pay close attention to the network used for deposits and withdrawals. BRETT operates on the Base chain, while PEPE is built on the Ethereum network. Incorrect network usage can lead to transaction errors or delays in fund retrieval, so it is crucial for users to select the appropriate network.Brett (BRETT): A Market Overview
Brett (BRETT), launched on the Base chain in February 2024, is a memecoin inspired by Brett, a character from Matt Furie’s comic book “Boy’s Club.” Although BRETT currently lacks inherent utility, it aims to establish itself as a cultural icon within the crypto community, particularly as a mascot for the Base chain.
The listing on Upbit led to a significant surge in BRETT’s price, which increased by approximately 25% on its first day of trading, reaching $0.09318. Additionally, Binance has introduced a USDⓈ-Margined BRETT Perpetual Contract on its futures platform, allowing traders to leverage up to 50x on BRETT’s price movements. This high-leverage trading option could amplify both potential profits and losses.
An early holder of BRETT with the wallet address 0x85…528e recently transferred 19.29 million BRETT, valued around $1.71 million, to Bybit. This transaction garnered attention due to the substantial profit realized from an initial investment of $178, demonstrating the token’s potential for significant returns.Pepe (PEPE): Market Response
Pepe (PEPE) was introduced on Upbit as a memecoin launched on the Ethereum network in April 2023. Named after Pepe the Frog, a popular internet meme, PEPE aims to carve out a niche in the memecoin market alongside established names like Dogecoin (DOGE) and Shiba Inu (SHIB).
Following its listing, PEPE experienced a notable increase of over 13% in value. However, the token has since pulled back slightly and is currently trading at $0.000007816, representing an 8% increase from its intra-day low. This volatility highlights the dynamic nature of the memecoin market and the potential for rapid price changes.Caution Advised for Traders
Upbit has implemented several measures to manage market volatility during the initial trading period for BRETT and PEPE. These include a temporary prohibition on buying orders for about five minutes and restrictions on selling orders at prices below 10% of the previous day’s close. These measures are designed to stabilize the market during the early trading hours.
Furthermore, Upbit emphasizes compliance with the Travel Rule, which regulates digital asset transactions. Deposits from non-approved exchanges may undergo additional scrutiny, and large transactions might require evidence of the source of funds due to regulatory considerations.Conclusion
Upbit’s addition of BRETT and PEPE to its USDT market reflects the rising interest in memecoins and the exchange’s strategy to cater to this trend. As these new trading pairs gain traction, users are encouraged to stay informed about the tokens' market movements and adhere to the network and regulatory guidelines to ensure smooth trading experiences.
With Upbit’s proactive measures and the dynamic nature of memecoins, traders should exercise caution and adapt their strategies to navigate the evolving landscape of cryptocurrency trading effectively.
August 2024, Cryptoniteuae