Upbit, a South Korean cryptocurrency exchange, has made an exciting announcement about the addition of a new altcoin to its platform. The exchange will be listing Bounce (AUCTION), a crypto project that focuses on blockchain-based auction technology. Bounce.Finance, the creator of the project, has developed a decentralized auction platform that enables the swapping of tokens in a competitive environment with a limited token supply. The project has garnered support from prominent players in the industry, including Pantera, Coinbase Ventures, and Blockchain Capital.

Following Upbit’s announcement, the price of AUCTION experienced a significant surge. It skyrocketed from $16 to over $31, representing a staggering 94% gain within a few hours. As of now, AUCTION is valued at $24.71 with a market cap of $160 million.

Lookonchain, a blockchain tracking firm, has reported an interesting observation regarding a whale investor who had purchased AUCTION in late February. Despite initially buying in at what turned out to be a local top, this investor had to wait three months to finally break even. The investor withdrew 59,599 AUCTION (equivalent to $1.79 million) from Binance when the price was at $30. However, shortly after the withdrawal, the price of AUCTION began to decline until Upbit’s listing announcement.

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