Upbit Listing Pump Exploded… How High Will Pharos (PROS) Rise?

▲ Pharos Listing - Upbit Korea X

Immediately after its Upbit listing, an explosive buying spree pushed Pharos (Prosper, PROS) up by over 60% in a single day. Market analysis suggests that the new listing effect, combined with altcoin rotation funds, is leading to short-term overheating.

Upbit began supporting trading for Pharos in its Korean Won (KRW), Bitcoin (BTC), and Tether (USDT) markets on the afternoon of May 8 (KST). Following the announcement of trading support, the price of Pharos surged rapidly, hitting 1,500 KRW during the day on the Upbit KRW market. As of 9:01 PM, the price was 1,353 KRW, marking a 66.83% increase from the previous day.

Trading volume also skyrocketed. According to Upbit, the 24-hour trading volume reached approximately 20.64 million PROS, with trading value expanding to about 29.1 billion USD. At the same time, it ranked among the top gainers in the Upbit KRW market, indicating concentrated short-term demand.

Upbit announced via a notice that deposits and withdrawals for Pharos would commence approximately 1 hour and 30 minutes from the time of the trading support announcement. The trading support was scheduled to begin at 8:30 PM on the same day. However, to prevent increased volatility in the early stages of listing, Upbit also applied phased trading restrictions, including buy limits, minimum sell price limits, and order type restrictions.

According to Upbit's information page, Pharos is an EVM-compatible Layer 1 blockchain project. Based on a parallel processing architecture, it aims for a processing performance of 30,000 TPS per second and a block generation speed of less than 1 second, with the utilization of Real-World Assets (RWA) as a key strategy. The project team highlighted large-scale user scalability and high extensibility as its strengths.

The market is focusing on the possibility that the Upbit listing premium effect may continue in the short term. However, given the nature of newly listed coins, there is also a possibility of quick profit-taking sales after an initial surge. Especially since the price volatility compared to the intraday high is significant, the sustainability of trading volume is considered a key variable for future trends.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*