ORCA, the native token of the Solana-based decentralized exchange Orca, has surged more than 210% in the past 24 hours, marking its strongest rally of the year. The explosive price movement follows news that Upbit, South Korea’s largest crypto exchange by trading volume, will list the token on its platform starting March 21 at 17:00 KST.
According to CoinGecko, ORCA is now trading at $5.07, climbing above the $5 threshold for the first time in 2025. The token last reached these levels in December 2024, after spending much of the past month hovering near the $1 mark without breaching $2.
Upbit Listing Triggers Massive Price Rally
The sudden breakout began shortly after Upbit announced it would list ORCA with trading pairs in Bitcoin (BTC), Tether (USDT), and the Korean won (KRW). As part of the listing process, users were allowed to deposit and withdraw the token two hours after the announcement, which came just one hour before trading support began.
To control volatility, buy orders were restricted for the first five minutes, and only limit orders were allowed for the first hour after trading began. Additionally, sell order prices were capped at a minimum of 10% below the previous day’s closing price, which was set at 2,349 KRW (approximately $1.60)—nearly 70% lower than ORCA’s post-announcement trading price.
ORCA: Solana-Based AMM Protocol Token
ORCA is the governance token of the Orca protocol, a decentralized exchange and automated market maker (AMM) built on the Solana blockchain. It offers users tools to create and manage tokens without requiring technical expertise or coding skills. Token holders can propose changes, vote on protocol upgrades, and participate in shaping the platform’s future.
The protocol’s simplicity and user-friendly interface have made it a popular entry point for DeFi users within the Solana ecosystem.
Controversy Over Listing Fees
The listing was not without controversy. Earlier today, Upbit denied allegations that it charges brokerage or intermediary fees to list tokens. The exchange stated that all listings go through an internal review process, and no financial compensation is required.
The response came after Wu Blockchain reported that several projects had allegedly paid 3% to 5% of their total token supply to secure a listing—claims that Upbit firmly refuted.
Outlook
ORCA’s dramatic surge highlights the influence that major exchange listings can have on low-liquidity tokens, especially during periods of broader market interest in decentralized finance (DeFi) protocols. With ORCA reaching its highest level this year and trading volume spiking, all eyes are now on whether the rally can sustain as trading on Upbit continues.
