Crypto
JPYC Prices Soar on Upbit Debut, Sparking Concerns Among Traders
The Japanese yen-pegged stablecoin JPYC made its debut on the Korean cryptocurrency exchange Upbit on September 17, but prices skyrocketed within minutes of trading starting.
According to data from Upbit, JPYC started trading at around 12 KRW (approximately 1.32 USD) and quickly surged to as high as 37.60 KRW (around 4.14 USD), a whopping three times its initial price. This sudden jump has raised eyebrows among traders and investors.
The reason behind the price surge is unclear, but some have speculated that it may be due to arbitrage trading on decentralized exchanges (DEXs) such as Uniswap, where JPYC prices reached up to 3.11 USD on Ethereum and 2.71 USD on Polygon.