Morpho posted a burst of on-chain and trading activity on Saturday after South Korea’s Upbit exchange opened a won-denominated market for the token. Data from Santiment and CoinGecko showed a sharp rise in large transactions, new wallet creation, exchange outflows, and trading volume, although those readings eased soon afterward.

Listing Day Triggers On-Chain Surge

According to the source article, Santiment recorded 68 MORPHO whale transactions worth more than $100,000 in a single day. That was the highest daily total since October 2, 2025. At the same time, 337 new MORPHO addresses were created, the strongest reading since March 15, 2026.

Exchange balances also fell as tokens moved off trading platforms. Traders withdrew 4.35 million MORPHO in one day, marking the largest single-day exchange outflow since February 4, 2026. The article linked those moves to a wave of South Korean demand that appeared the same day Upbit launched KRW trading for the asset.

Price and Volume Jump After Upbit Launch

Upbit opened MORPHO trading in its KRW market at 6 p.m. KST on Saturday. The listing was followed by a quick market reaction. MORPHO rose from about $1.93 to an intraday high near $2.17 within hours, while daily trading volume climbed to roughly $71 million, close to five times higher than before, based on CoinGecko data cited in the report.

The move suggested that the new won pair quickly drew attention from traders. The source article described the spike in whale activity, wallet creation, and exchange outflows as arriving alongside the new access point for Korean buyers.

Momentum Cools the Following Day

The rally did not hold at its peak. By Sunday, MORPHO had fallen back to nearly $1.90 and was later trading around $1.99, roughly in line with where it had been a week earlier. Daily trading volume also retreated, dropping to about $22 million.

The cooldown was not limited to price action. The article said activity had eased across the three on-chain measures that had spiked on Saturday, indicating that the initial burst surrounding the listing had faded.

Upbit Becomes the Largest MORPHO Market

Even after the pullback, Upbit remained the biggest single venue for MORPHO trading. The KRW pair on the exchange accounted for 12.26% of daily MORPHO volume, the largest share of any market and ahead of Binance, according to the source.

Won-denominated pairs across all exchanges represented about 13% of total turnover. That gave Korean retail traders an outsized role in short-term MORPHO price action, at least during the immediate post-listing period.

Whether that influence develops into sustained demand remains unclear. The source article said the coming weeks should determine whether the surge tied to South Korean access becomes a lasting trend or proves to be a one-day event.

Source: beincrypto.com