A sudden jump in ApeCoin's value on Korea's largest crypto exchange, Upbit, recently caught the eye of investors. The cryptocurrency soared by a jaw-dropping 2000% this week, meaning that the price of $APE jumped more than twenty times its initial value.
This sudden jump in a random cryptocurrency has caused a barrage of questions from investors and traders, asking "What exactly is going on"?
The price of APE increased by a factor of 20 at the same time as Upbit suspended deposits and withdrawals of ETH and tokens from the ERC20 network, causing serious alarm among Korean retail investors.
While there is currently no known cause for this strange price uptick, there is wild speculation that during these times of withdrawal and deposit suspensions, Korean crypto enthusiasts are planning to make a move on $APE.
Keeping in mind that the APE versus BTC pair is only available on Upbit, the value of the APE vs. BTC pair on the exchange hit a high of about 0.003 BTC or around $90 for each $APE sometime around 12 April.
Right around when this was happening, a notice stating that there could be an "anomaly in token volumes" on the exchange appeared alongside the APE/BTC pair on Upbit's CoinMarketCap page.
Such a warning may point to the artificial nature of APE's recent price action on Upbit. At the time of writing, there are already reports of a $100 million trading volume for the cryptocurrency on the Korean exchange, which is double that of Binance.
The price of ApeCoin is presently 0.0004 BTC, or about $12 on Upbit, which is much higher than the token's $4.44 price on Binance.
Unfortunately, to those looking to book a quick profit because of this large margin, arbitrage of this currency is also not allowed. This is because of the stoppage of ERC-20 token transactions prior to the Shanghai hard fork.
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