Upbit Listed DeepBook, DEEP Price Doubled in Minutes

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Upbit Listed DeepBook, DEEP Price Doubled in Minutes

Upbit, the leading South Korean crypto exchange, listed DeepBook , the native token of the Sui network-based decentralized finance protocol.

According to the announcement, DEEP was listed on the exchange at 05:30 UTC on April 22. The Sui-based token is only available for trading with the Korean won at this point.

DeepBook is an on-chain liquidity aggregator protocol, also called a decentralized central limit order book (CLOB), on the Sui blockchain. On April 16, DeepBook v3.1 went live — it upgraded the liquidity pools and brought lower fees.

DeepBook v3.1 is live on @SuiNetwork

Permissionless pools. Lower fees. Deeper liquidity.

This upgrade marks a new era for onchain trading — designed for builders, traders, and everyone in between.

Let’s break it down 👇 pic.twitter.com/Ke8zpMRiWA

— DeepBook Protocol on Sui (@DeepBookonSui) April 16, 2025

DeepBook started to see the immediate impact of the Upbit listing. DEEP rallied from $0.92 to $0.183 in less than 10 minutes after the announcement.

However, the asset witnessed a sudden selloff right after reaching its local high. DEEP is trading at $0.13 at the time of writing. Its market cap is hovering around the $400 million mark with a daily trading volume of $232 million.

Notably, Upbit is not the first South Korean exchange to support DEEP. Bithumb, another prominent exchange in the region, listed DeepBook on Jan. 8.

Bithumb’s listing brought a similar momentum for the asset — DEEP rose by 70% following the announcement.

Listing announcements from the South Korean crypto market have proven to have a positive impact on token prices.

On April 16, Upbit listed WalletConnect Token (WCT), which brought a 36% rally for the asset. SAFE SAFE $0.42 24h volatility: 0.6% Market cap: $236.67 M Vol. 24h: $11.94 M gained 75% right after the Upbit announcement in October 2024.