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Coinbase-Backed Altcoin Bounce (AUCTION) Surges 94% After Upbit Listing – Should You Buy Now?

  • AUCTION, the native token of the Coinbase-backed Bounce Finance DeFi platform, surged over 90% after South Korea’s largest crypto exchange, Upbit, listed it.
  • The token has seen unprecedented investor interest this week, with trading volume surging 19x in the past 24 hours to hit $315 million, higher than mainstays like Bitcoin Cash and TRON.

AUCTION, the native token of the decentralized finance platform Bounce Finance, nearly doubled in value after earning a listing on South Korea’s largest exchange.

The token trades at $24.06 at press time, gaining 35% in the past day, a stark contrast to the red wave that washed over the entire market, with Ether losing 2.3% after an ETF approval-inspired rally and memecoins WIF and PEPE losing 12% each after impressive rallies, as Crypto News Flash reported.

Upbit announced Wednesday that it had added the AUCTION/Korean Won trading pair.

The exchange is South Korea’s largest and one of the world’s most trusted, earning a higher score than Kraken and KuCoin. Over the past day, it facilitated $1.5 billion in spot trading volume.

The announcement sparked a sharp rise in the price of AUCTION, which surged from $16 to $31, the highest it has traded since early March. The price has retraced slightly, but it’s still trading over 35% higher.

Following the price surge, investors were quickly drawn to the coin. Over the past day, its volume hit $319 million, surging by 1,871% in 24 hours. This is the highest 24-hour volume the coin has recorded since launching in 2020. It was also the 30th highest in the entire market, surpassing titans like TRON, Chilliz and Bitcoin Cash.

While most AUCTION holders celebrated the token’s sharp rise, one whale missed out by a few hours on the gains. The whale has been holding $1.8 million worth of the token for nearly 100 days but decided to sell on Wednesday, just hours before the Upbit announcement and the sharp spike, as revealed by Lookonchain.

Is It Too Late to Buy AUCTION?

Over the past year, AUCTION has gained 407%. In June last year, it was trading at $4.745 and would trade below $10 until December, when the broader market pump pushed it to a new record high at $48.78 just before Christmas. The momentum faded, and by mid-January, it had lost over half of its value. A mid-February rally to $35 proved unsustainable as well and since then, it has been on a downtrend until the Upbit listing.

However, zooming out, one analyst noted that AUCTION has been trading in a triangular pattern. This week, the two trendlines converged, and, boosted by the Upbit listing, the token broke free from the pattern and surged to a new local high, as the chart below illustrates.

Another analyst cautions investors against jumping in just yet, predicting that the token is likely to correct and dip to $19. This would be an excellent entry point, as it is expected to rebound and hit $35.

 

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