Is an Upbit Listing the Burial Place for New Tokens? A Review of 10 Recent Launches

A major exchange listing is usually seen as good news for a token. It can increase visibility, attract new buyers, and push the price higher as traders rush to buy.

But what happens after the initial excitement fades?

This report examines 10 recent token listings on Upbit to see whether prices tend to fall after reaching their listing-day highs rather than continue rising.

Fasten your seatbelt as we explore.

How We Tracked the Token Prices

The study examines 10 tokens listed on Upbit between September 8 and October 15, 2026.

For each token, we recorded the following price points:

• The price before listing.
• The highest price recorded during the listing period.
• The price approximately two days after listing.
• The price approximately five days after listing.
• The price approximately seven days after listing.
• The latest available price as of October 19, 2026.

We also calculated the percentage decline from each token’s recorded peak to its latest price.

The aim is to identify recurring price patterns after an Upbit listing and assess whether the subsequent price declines could present short-selling opportunities.

All 10 Tokens Fell Below Their Listing-Period Peaks

The main finding is clear. Two days after listing, all 10 tokens had fallen from their recorded price peaks. Prices fell further by days five and seven, and the declines generally continued in the days that followed.

Consider five examples:

• PUFFER: Rose from $0.025 to $0.080 before falling to $0.0375, down 53% from its peak.
• BFC: Reached $0.049 before falling to $0.0227, down 54%.
• CASHCAT: Peaked at $0.200 before falling to $0.108, down 46%.
• USELESS: Reached $0.280 before falling to $0.140, down 50%.
• POD: Surged to $0.950 before falling to $0.530, down 44%.

Across all 10 tokens, the average decline from the recorded peak to the October 19 price snapshot was approximately 47%. The median decline was 43.2%, meaning half the tokens recorded declines of at least that size and half recorded smaller declines.

These figures show that the price reversals were not limited to one or two tokens.

Prices Had Already Fallen Two Days After Listing

The price data show that all tokens examined traded below their recorded peaks two days after listing. The average decline across the sample was approximately 25.2%.

PUFFER is a clear example. Its price rose from $0.025 before listing to a peak of $0.080, then fell to $0.039 by October 17. This was a 51% drop from its peak.

The decline varied across tokens, but the overall pattern was the same. By the two-day mark, every token had fallen below its recorded peak.

This suggests that the second and third days after an Upbit listing may be worth watching for traders looking for opportunities to profit from falling prices.

The Declines Often Continued Over the Following Days

The five-day price data shows that all nine tokens with available observations remained below their recorded peaks.

Examples include:

• STC: Fell from $0.220 at day two to $0.190 at day five.
• RSR: Dropped from $0.00205 to $0.00190.
• KAIA: Declined from $0.057 to $0.046.
• NMR: Fell from $14.50 to $13.00.
• BFC: Dropped from $0.038 to $0.030.

The pattern continued in the seven-day data. All seven tokens with available observations were still trading below their recorded peaks.

These results suggest that the price declines often extended beyond the first two days rather than ending with a brief pullback.

However, prices did not always keep falling. STC recovered from $0.190 at day five to $0.230 in the October 17 snapshot. NMR also rebounded from $12.10 at day seven to $12.55.

These recoveries are important when evaluating a short-selling strategy. Even when a token’s price is falling overall, a temporary rebound can cause losses for traders betting on further declines.

Why Do Prices Fall After Listing?

Several factors could explain the declines.

• Early buyers take profits. Those who bought before listing may sell when the price rises, pushing it back down.
• Buying demand fades. The listing attracts attention at first, but fewer buyers may remain once the excitement passes.
• Traders exit when prices stop rising. Those hoping for quick gains may sell when the rally loses momentum, adding to selling pressure.
• Prices adjust after listing. Buyers and sellers may take time to agree on a price, leading to sharp movements in the early days.

These are possible explanations, not proven causes. The price data shows the declines, but further market data would be needed to establish why they occurred.

Could Shorting After Listing Be an Opportunity?

The findings point to a potential strategy worth testing: looking for opportunities to short newly listed tokens two or three days after listing.

The data show that all 10 tokens had fallen below their recorded peaks by day two, with an average decline of 25.2%. All nine tokens with five-day data and all seven with seven-day data also remained below their peaks. By October 17, the average decline across the full sample had reached approximately 37.7%.

However, traders should not automatically short every token after 48 hours. They would need to look for signs that the price is still weakening, such as failed rebounds and continued selling pressure.

A decline from a token’s peak after exchange listing does not guarantee a profitable short trade. The price may already have fallen significantly before entry or rebound afterward. Trading fees and other costs also affect the outcome.

The findings provide a basis for testing whether shorting two or three days after an Upbit listing can be profitable over time.

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