What Happened to ORCA’s Price on Upbit?

On March 21, 2025, the Solana-based decentralized exchange (DEX) token $ORCA experienced a massive price surge, climbing over 90% after being listed on Upbit, South Korea’s leading centralized exchange (CEX). A tweet from user Ai 姨 (@ai_9684xtpa) at 08:38 UTC highlighted the dramatic price disparity between Upbit and Binance, showcasing the power of what’s playfully dubbed "韩国严选" (Korean Selection). Let’s break down what’s going on and why this matters.

The tweet pointed out that Upbit’s spot price for $ORCA reached 8,686 KRW (approximately $5.94), while Binance’s spot price lagged at $4.808, and its futures price was even lower at $3.43. That’s a price difference of $1.14, or nearly 20%, between the two exchanges. Adding fuel to the fire, short-sellers’ funding rates on Binance hit 2% and stayed there for four hours—likely because Binance had temporarily paused withdrawals, keeping the spot price suppressed and limiting arbitrage opportunities.

The Korean Selection Phenomenon

The term "Korean Selection" comes from a previous post by Ai 姨 on December 25, 2024, which humorously categorized tokens based on their performance after being "selected" by influential markets. In that thread, tokens listed on South Korean exchanges like Upbit saw gains of up to 122%, far outpacing other categories like "Presidential Selection" (30%) and "Grayscale Selection" (80%). The meme, paired with a chart and a "NICE" stamp, went viral, and Ai 姨 brought it back to highlight $ORCA’s explosive growth.

South Korea’s crypto market has a unique reputation for driving price surges, often called the "Kimchi Premium." This phenomenon occurs when crypto prices on South Korean exchanges trade at a premium compared to global markets, driven by high demand, stringent capital controls, and a cultural appetite for risk. A CoinDesk article confirmed $ORCA’s 92% jump on March 21, noting that Orca is the 11th largest Solana-based DEX, with nearly $250 million in assets locked, according to DefiLlama.

Why Did ORCA Surge So Much?

Several factors contributed to $ORCA’s price spike:

• Upbit Listing Hype: Upbit is South Korea’s top exchange, and new listings often trigger massive buying activity. South Korean traders are known for their enthusiasm, fueled by fast internet, a tech-savvy population, and a cultural love for speculative investments.

• Binance Withdrawal Suspension: Binance’s temporary halt on withdrawals meant traders couldn’t easily move $ORCA to arbitrage the price difference, keeping Upbit’s price elevated.

• High Short-Seller Funding Rates: The 2% funding rate for short-sellers on Binance indicates heavy bearish bets. When the price kept rising, these shorts were squeezed, adding upward pressure as they were forced to buy back $ORCA to cover their positions.

• Market Sentiment: A reply to Ai 姨’s tweet from Alva (@AlvaApp) noted $ORCA’s 218.89% surge within 24 hours, reaching $5.13. However, they also warned of a potential pullback, as the Relative Strength Index (RSI) hit 99.92, signaling the asset was heavily overbought.

The Bigger Picture: South Korea’s Crypto Influence

South Korea’s crypto market has long been a trendsetter. A OneSafe Blog post explains how political turmoil, like the impeachment of President Yoon Suk-yeol in late 2024, has driven crypto prices higher in the region. The weakening Korean won and strict capital controls prevent arbitrage, sustaining price premiums. This "Kimchi Premium" isn’t new—it’s a lasting trend reflecting South Korea’s unique market dynamics.

For $ORCA, the Upbit listing tapped into this energy. As a Solana-based DEX token, $ORCA benefits from Solana’s fast and low-cost blockchain, making it attractive for DeFi users. The listing on Upbit simply amplified its visibility and demand.

What’s Next for ORCA?

While $ORCA’s surge is exciting, the market isn’t without risks. Alva’s reply highlighted a 26.58% drop in DEX trading volume and an RSI of 99.92, suggesting a potential correction. Traders should be cautious—such rapid gains often lead to sharp pullbacks as early buyers take profits.

On the flip side, another reply in the thread noted that $ACX, a token listed on Binance the same day as $ORCA, also started rebounding, hinting at broader market momentum. For investors, keeping an eye on Upbit listings could be a strategy, as one user (@tlwong42) even asked Ai 姨 for future listing alerts—though she suggested using monitoring tools instead.

Final Thoughts

The $ORCA price surge on Upbit is a textbook example of South Korea’s outsized influence in crypto markets. The "Korean Selection" meme captures this perfectly: when South Korean exchanges back a token, prices can skyrocket. But with great pumps come great risks—overbought signals and market volatility are real concerns. If you’re trading $ORCA or eyeing future Upbit listings, stay informed, manage your risks, and maybe keep an eye on those funding rates. The Kimchi Premium isn’t going anywhere, and neither is South Korea’s impact on crypto.