BRETT, PEPE Prices Jump On Upbit Listing: Rallies to Sustain?

Upbit Lists BRETT and PEPE Memecoins in USDT Market

South Korea's leading cryptocurrency exchange, Upbit, has expanded its services to include two popular memecoins: Brett (BRETT) and Pepe (PEPE).

New Trading Pairs on Upbit

Effective August 20th, Upbit introduced USDT trading pairs for BRETT and PEPE. The stablecoin USDT is pegged to the U.S. dollar, providing stability in a volatile crypto market.

Withdrawal Conditions

To incentivize trading activity, Upbit allowed free withdrawals of both tokens for the first 24 hours. However, after this period, standard withdrawal fees will apply.

Network Considerations

Upbit urges users to pay attention to the appropriate network for deposits and withdrawals. BRETT operates on the Base chain, while PEPE runs on the Ethereum chain. Choosing the correct network avoids transaction errors.

Brett (BRETT)

Brett, a memecoin launched in February 2024, draws inspiration from the character Brett in Matt Furie's comic "Boy's Club." Initially lacking utility, BRETT aims to grow its community and establish itself as a cultural icon within the crypto industry.

Market Impact of BRETT

Following its listing on Upbit, BRETT's price surged by approximately 25% to $0.09318 within the first day. Binance Futures also introduced a BRETT Perpetual Contract with up to 50x leverage.

Pepe (PEPE)

Pepe, launched in April 2023, is another memecoin that derives its persona from the popular internet meme icon, Pepe the Frog. PEPE aims to differentiate itself from dog-themed alternatives like Dogecoin and Shiba Inu.

Market Impact of PEPE

The listing of PEPE on Upbit also impacted the market, with the token showing an initial surge of over 13%. At present, it is trading at $0.000007816, an 8% increase from its intra-day low.

Trading Cautions

Upbit has implemented trading limitations to manage market volatility. In the first trading period, buying orders were prohibited for approximately five minutes, and selling orders below 10% of the previous day's close were also restricted.

Travel Rule Compliance

Upbit adheres to the Travel Rule, which regulates the movement of digital assets. Deposits from non-authorized virtual asset operators may face additional checks or require evidence of the source of funds.