After South Korea’s top exchange, Upbit, announced a KRW market listing for DeepBook Protocol (DEEP), the token’s price surged by more than 38% in just 24 hours.
It had been trading in BTC and USDT pairs since April 16, but the KRW pair changed the game. Trading officially began at 2:30 KST on April 22, and the market didn’t wait.
The token rose from $0.10 to around $0.17, then fell back to $0.12. In the process, the 24-hour trading volume grew by more than 1,500% to over $230 million. The market cap is now close to $400 million, with DEEP ranking #116 globally.
So what’s behind all the buzz? DeepBook Protocol is a DeFi project built on Needle, designed to bring CEX-level trading performance completely on-chain. It offers flash loans, parallel execution, and a fantastic matching engine. The DEEP token is at the core of it all – it’s used for trading fees, creating liquidity pools, staking, and governance.
The surge in price wasn’t just hype – it followed a textbook contrarian head and shoulders breakout on the charts. DEEP crossed the neckline at around $0.10, pushed strongly toward resistance at $0.17, and then cooled off as traders booked profits.
Now, with the eye of the Korean retail sector and the support of Upbit, DEEP could be stepping into a new phase. Whether it holds steady or falls in the short term, the kind of volume and interest it’s drawing right now is hard to ignore.
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