Upbit Listing Sends DeepBook's (DEEP) Token Price Soaring 56%, Outperforming SUI

This news sent both DEEP and the network's SUI token soaring – posting 24hr gains of 56% and 28% respectively, strongly outperforming peers.

The Sui ecosystem is seeing significant activity Wednesday following the high-profile listing of DeepBook’s native token, DEEP, on Upbit, South Korea’s premier exchange.

This news has sent both DEEP and the network’s SUI token soaring – posting 24hr gains of 56% and 28% respectively, strongly outperforming peers.

The Upbit listing, which occurred at 05:30 UTC on April 22nd, will initially see DEEP trading against the Korean won (KRW). Also, Binance announced DEEP/USDT perpetual contracts with up to 50x leverage, further boosting trading interest globally.

DeepBook Upgrade and Explosive DEEP Rally

DeepBook, a decentralized central limit order book (CLOB) and on-chain liquidity aggregator built on the Sui blockchain, recently underwent a significant upgrade with the launch of DeepBook v3.1 on April 16th.

This upgrade introduced enhanced liquidity pools and reduced fees, potentially contributing to its growing appeal.

v3.1 is live on @SuiNetworkPermissionless pools. Lower fees. Deeper liquidity.This upgrade marks a new era for onchain trading — designed for builders, traders, and everyone in between.Let’s break it down ? pic.twitter.com/Ke8zpMRiWAA common DeepBook is a product of the DeFiChain project, which is developing an ecosystem of interconnected DeFi protocols on the Sui blockchain.

The Upbit listing triggered an immediate and dramatic price rally for DEEP. Within a mere ten minutes of the announcement, the token’s price doubled from $0.092 to $183.

At the time of writing, DEEP is trading at $0.2002, accompanied by a massive 274% explosion in its trading volume.

DEEP has successfully reclaimed its 20-day Exponential Moving Average (EMA) at $0.0967 and is currently battling to maintain its position above the crucial $0.2000 mark.

Positive Sentiment Spills Over to SUI Token

The positive DeepBook sentiment and DEEP’s dramatic surge appear to be lifting the Sui network’s native SUI token.

As per CoinMarketCap data, SUI is trading at $2.90 at the time of writing, with gains of 28% in the past 24 hours and 126% over the past seven days.

Its RSI sits high at 68.23, signaling strong buying pressure. While nearing overbought (>70), this primarily shows significant momentum with potential room left to run, though a pullback risk increases if it stays overbought.

The price action is currently testing the upper band of the Bollinger Bands, which are plotted with a 20-period Simple Moving Average (SMA) and two standard deviations. This often suggests that the asset is experiencing high volatility and upward pressure.

A sustained break above the upper band could indicate further bullish continuation. The upper band is currently around $2.95. If SUI manages to close decisively above this level, it could pave the way for a test of higher resistance levels.

The middle band, acting as a dynamic support, is currently around $2.49, while the lower band sits near $2.03.