On Saturday, MORPHO whale transactions, wallet creations, and exchange outflows surged sharply thanks to heavy demand from South Korean traders. This uptick coincided with Upbit launching a MORPHO trading pair paired with the Korean won.
Strong Spike in Whale Moves and Wallet Growth
Santiment data showed 68 large transactions exceeding $100,000 each, marking the highest day for such moves since October 2, 2025. New wallet addresses also surged with 337 fresh MORPHO accounts created, the strongest growth since mid-March 2026.
The whale activity was coupled with a major outflow of 4.35 million MORPHO tokens from exchanges, representing the largest single-day withdrawal since early February 2026. These movements reflect a concentrated buying interest, primarily on the Upbit exchange, which now leads global MORPHO volume.
MORPHO’s price responded quickly, climbing from roughly $1.93 to an intraday peak of $2.17 soon after Upbit’s announcement at 6 p.m. KST. Volume swelled nearly fivefold to around $71 million, illustrating how significant the South Korean market is for this token.
Despite this strong but brief rally, prices retreated on Sunday, settling near $1.99 close to levels from a week earlier. Trading volume also dropped back to approximately $22 million. Still, the Upbit MORPHO-KRW pair now accounts for 12.26% of daily volume, edging out Binance and showing that South Korean retail traders hold considerable sway over short-term price action.
The next few weeks will be key to see if this surge is a sustained wave of demand from Korean investors or just a one-off event spurred by the new trading pair.
