$ORCA, Solana-Based DEX Token, Soars to Top Spot Amid Market Activity and Upbit Listing

The decentralized exchange (DEX) token of Solana, $ORCA, has taken the world of cryptocurrency by storm.

It now stands as the top gainer among the top 500 cryptocurrencies for 24-hour changes. This recent surge has sparked not just excitement, but also some speculation across the market. Investors are now looking at $ORCA and asking how high it can go and how long that might actually be. The surge has definitely caught some attention, and what is probably sending it higher today is the recent listing on Upbit, one of the more prominent exchanges.

While $ORCA has been hitting record highs, it has also been showing a striking divergence in price between its centralized exchange (CEX) price and its spot market price. The price spread has shot up to an impressive 1.14 USD, which is almost 20%. On top of this, the funding rate for $ORCA is increasing strategically, and this is definitely catching the attention of traders and causing them to take a closer look at this token. When one considers all of these aspects, $ORCA is definitely coming off as a hot commodity and a token to keep on one’s radar.

$ORCA’s recent surge is mainly due to its newly announced listing on Upbit, a major global crypto exchange. This listing has exposed $ORCA to a much greater audience of potential buyers, including some that might have never seen it before. Upbit is one of the more widely used exchanges in the industry, so the mere fact that $ORCA is now on there has helped its price move upwards.

Following the announcement of $ORCA’s listing, trading volume went through the roof, with the token quickly securing a foothold of sorts in the market. Right now, it’s perched at the very top of the charts when it comes to 24-hour gains, even surpassing some of the biggest names in our crypto space. And all this advancement in value? Well, it’s mainly a function of how much listing a token in question can do for its overall market sentiment, especially when traders seem to be paying it a good amount of mind.

In addition, $ORCA’s recent listing on Upbit has traders excited about the prospect of profiting from the price discrepancies between the CEX and the decentralised exchanges where $ORCA trades. The price spread of 1.14 USD—which is a nearly 20% difference—has created an arbitrage opportunity, bringing traders from Upbit to the other price points of the DEXs to trade in both markets. All this is doing is pushing the price up for $ORCA. I can also note that Upbit is a South Korean exchange and that little tidbit is relevant when talking about the $ORCA spread.

Another development worth noting in $ORCA’s emergence is the latest change in its funding rate, which has been bumped up to 2% and held there for four hours. The funding rate—that taxpayers simply can’t afford to pay anymore—has become a vital statistic for traders. If you’re carrying a leveraged position in the market, you really want to know what the funding rate is, because a higher funding rate usually just means more demands for an asset, which is almost always a preamble to a price surge. In $ORCA’s case, this surge in funding is clearly a manifestation of market excitement about the token.

It is important to underscore that $ORCA’s funding rate boost happened simultaneously with a period of marketplace uncertainty and especially after the suspension of large-scale withdrawals on the Binance exchange. Binance, one of the largest cryptocurrency exchanges in the world, had to stop allowing withdrawals for certain assets because of liquidity concerns and low spot prices. This suspension of withdrawals from a major exchange has had a ripple effect across the market and has naturally created opportunities for other exchanges to try to capture some of the volume that might otherwise have gone to the exchange whose operations are temporarily stymied. One of those exchanges is Upbit.

Currently, the market dynamics consist of two prominent elements: Binance has suspended withdrawals, and the funding rate has been rising. Traders are no longer placing their hopes on this widely used platform, and for a variety of reasons, they’re looking to other platforms and to other tokens where they can hopefully make some sort of return. Among those tokens, $ORCA seems to have emerged as a top choice.

The unexpected and big leap of $ORCA has left many wondering if the token can carry this momentum in the next few days. Of course, being listed on Upbit and having a much higher funding rate lately have contributed to its present success, but the real question is whether $ORCA has what it takes to succeed over a longer stretch. The answer to that seems bound up in several factors, most notably the conditions of our broader market and the token’s ongoing appeal.

The cryptocurrency market is infamously unstable, and tokens that see steep price rises can also suffer swift downturns. But the recent ascent of $ORCA underlines the possibility that DEX tokens on Solana could do well in crypto’s cutthroat bracelet ecosystem. What is causing this growth? A combination of factors seems to be at play. The most obvious is that arb opportunities have arisen owing to weird price phenomena on FTX and other exchanges, as well as some truly terrible price action that the market has inflicted on lots of cryptocurrencies.

Currently, the surge by $ORCA to the very top of the charts can be seen as a sign of just how hot decentralized exchanges are becoming. In their quest for new opportunities, traders seem to be latching on to the decentralized exchange of the Solana ecosystem, especially now that the innovation coming out of Solana has reached top-notch levels once again.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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