Upbit Superform (UP2), will it go further after a 100% surge?

▲ Superform (UP2)/Source: Upbit Korea X

The effect of Upbit's new listing has exploded. Superform surged over 100% immediately after trading support began, instantly becoming the center of attention for domestic investors.

As of May 13, 9:09 PM, according to Upbit, Superform (UP2) was trading at 353 KRW in the KRW market, surging 101.71% in one day. The intraday high was 396 KRW, the low was 175 KRW, and the 24-hour trading volume was approximately 80.61 million UP2, with a trading value of about 30.4 billion KRW. The Upbit screen even displayed a warning message: 'Over 100% increase within 24 hours.'

This surge is interpreted as being directly catalyzed by the effect of Upbit's new trading support. Upbit announced in a notice today that it would add Superform trading to the KRW, BTC, and USDT markets. The initial trading support schedule was announced as May 14, 8:30 PM, but was later corrected in an amendment notice, changing the actual trading start time to May 13, 8:30 PM. The market believes that a large-scale buying spree immediately after trading began led to a vertical price increase.

According to CoinMarketCap analysis, the key background for Superform's surge is the explosion in trading volume. The 24-hour trading volume surged by 544.34% compared to the previous day, reaching approximately $35.5 million. It is explained that short-term speculative funds rapidly flowed in with high turnover, driving the price surge. In particular, the fact that Superform showed an independent surge when the overall market trend was relatively limited is also noteworthy.

However, no clear fundamental news or partnership announcements have been confirmed. CoinMarketCap analyzed that this rally is closer to a trend formed around the new listing effect and trading momentum rather than specific positive news. Accordingly, it is evaluated that short-term volatility is also highly likely to increase significantly. In fact, Superform showed extreme volatility on Upbit, fluctuating from 175 KRW to 396 KRW in one day.

In the short term, the market is focusing on whether it can stabilize in the $0.25-$0.30 range. CoinMarketCap evaluated that further upside potential is open if buying pressure is maintained, but conversely, warned that if trading volume rapidly decreases and it falls below $0.20, profit-taking sales could expand to the $0.15 support level. The market views the maintenance of trading volume as a key variable determining future direction, given the typical initial overheating pattern of newly listed coins on Upbit.

*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.*