Upbit, a South Korean cryptocurrency exchange, has made an exciting announcement about the addition of a low-cap altcoin to its platform, causing a significant surge in its price. The altcoin in question is called Bounce (AUCTION), and it is a project developed by Bounce.Finance, focusing on auction technology based on blockchain.
Bounce is a decentralized auction platform that enables users to swap tokens in a competitive environment, with a limited supply of tokens available. The project has gained support from prominent players in the cryptocurrency space, including Pantera, Coinbase Ventures, and Blockchain Capital.
After Upbit’s announcement, the price of AUCTION skyrocketed from $16 to over $31, representing a staggering 94% increase in just a few hours. As of now, AUCTION is valued at $24.71 and has a market capitalization of $160 million.
According to Lookonchain, a blockchain tracking firm, a large investor, commonly referred to as a whale, had to wait for three months to break even after purchasing AUCTION in late February. The whale bought the altcoin at a time when its price was at a local peak, and promptly sold it once the price retraced back to their entry point.
The whale’s journey with AUCTION serves as a cautionary tale in the volatile cryptocurrency market, highlighting the importance of careful analysis and timing. It is crucial for investors to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets.
The Daily Hodl, a reputable source for cryptocurrency news, reminds readers that the opinions expressed in their articles should not be taken as investment advice. It is advisable for investors to exercise diligence and responsibility when handling transfers and trades, as any losses incurred are solely their own responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor do they act as investment advisors.
