Upbit Adds BRETT and Pepe Coin to Its Trading Platform

Upbit Adds BRETT and Pepe Coin to Its Trading Platform

Upbit, a leading cryptocurrency exchange, has officially announced the addition of two new assets—BRETT and Pepe Coin—to its trading platform. According to the announcement, trading for BRETT and PEPE will begin at 19:30 on August 20th, with deposits and withdrawals becoming available two hours prior.

Expansion of Trading Options

In a press release published on Upbit’s official website, the introduction of these meme coins represents the exchange’s ongoing efforts to diversify its asset offerings. BRETT, a digital asset built on the Base Chain, and Pepe Coin, which operates on the Ethereum network, are anticipated to attract significant attention from investors due to their unique market positions.

To encourage initial engagement, Upbit has decided to waive withdrawal fees for these assets for the first 24 hours after deposits and withdrawals commence.

Market Stabilization Measures

To ensure a stable trading environment, Upbit will implement several trading restrictions upon launch. During the first five minutes of trading, buy orders will be restricted, and selling prices will not be allowed to drop more than 10% below the previous day’s closing price.

Additionally, restrictions on market and reservation orders will be in place for approximately one hour after trading begins. These measures are designed to prevent market manipulation and ensure fairness for all traders.

Compliance and Security Protocols

Upbit has emphasized the importance of adhering to the specified networks for transactions. BRETT transactions will be processed via the Base network, while Pepe Coin transactions will occur on the Ethereum network. This alignment is crucial for the smooth processing of deposits and withdrawals.

In line with the Travel Rule, Upbit requires that all deposits be made from exchanges listed as eligible operators. Failure to comply with these guidelines may result in delays or issues with withdrawals. Moreover, large deposits must be accompanied by proof of the origin of funds, as outlined in Upbit’s terms of service. To further enhance security, personal wallet addresses used for transactions must have completed ownership verification.

Market Reaction

The market response to the listing of BRETT and PEPE on Upbit has been overwhelmingly positive. Pepe Coin saw a 12% price increase, trading at $0.000008088 at the time of writing. According to a report by Coin Gape, a potential bounce from the 61.8% Fibonacci retracement level could propel PEPE to the 0.27 Fibonacci extension level, which would represent a 200% increase from its current price.

Meanwhile, BRETT experienced a significant surge, climbing 30% to $0.1031 shortly after the trading support announcement. Historical data from Upbit indicates that BRETT’s previous day closing price was 0.07887 USDT, rising to 0.08394 USDT just before the announcement. These figures underscore the immediate impact that the listing news has had on the valuation of these digital assets.