Historical Volume and Price Impact
Published 7/26/2026, 4:32:31 AM
The listing of Euler (EUL) on Upbit's KRW market, which occurred on September 17, 2025, serves as a primary driver for trading volume and price volatility. Historical data from the listing period indicates that EUL's 24-hour trading volume surged by over 3,600%, reaching between $87.4 million and $98 million shortly after the integration [Source: https://www.coingecko.com/en/coins/euler, https://www.bybit.com/en/price/euler/].
Historical Volume and Price Impact
The Upbit KRW listing significantly expanded EUL's accessibility to the South Korean retail market, which historically drives high-velocity trading for newly listed assets.
| Metric | Pre-Listing / Baseline | Post-Upbit KRW Listing Impact |
|---|---|---|
| 24h Trading Volume | ~$2.35M (estimated) | $87.4M - $98.07M (3,623% increase) [Source: https://www.coingecko.com/en/coins/euler] |
| Price Reaction | ~$9.70 | Peaked at $10.50 (8.25% immediate pump) [Source: https://beincrypto.com/crypto-exchanges-new-token-listings-september/] |
| Market Ranking | Lower Tier | Ranked #395 by Market Cap ($151.2M) [Source: https://www.bybit.com/en/price/euler/] |
| Top Exchanges | Binance, Bithumb | Upbit, Binance, Bithumb |
Key Market Observations
- Volume Concentration: Following the listing, Upbit and Bithumb (KRW pairs) became dominant liquidity hubs for EUL. Bithumb's EUL/KRW pair alone accounted for 16.2% of global volume during peak activity [Source: https://www.coingecko.com/en/coins/euler].
- Volatility Management: Upbit implemented temporary trading restrictions to mitigate extreme volatility, including a 5-minute buy ban post-launch and limit-order exclusivity for 2 hours [Source: https://beincrypto.com/crypto-exchanges-new-token-listings-september/].
- Long-term Liquidity: As of July 26, 2026, EUL continues to exhibit high activity with a 24-hour volume of $166.96M and a 79.19% price increase in the last day, suggesting the KRW listing established a lasting liquidity foundation.
Counterpoints and Risks
- Data Discrepancies: While Bybit reported a 24h volume of $98.07M in October 2025, other exchanges like Kraken reported lower figures ($87.38M) for the same period [Source: https://www.bybit.com/en/price/euler/].
- DEX Liquidity Warning: Despite high volume on centralized exchanges (CEXs), decentralized pools like Uniswap V3 have shown low liquidity (as low as $15,972), which may lead to significant slippage for on-chain traders.
In summary, the Upbit KRW listing transformed EUL from a low-cap asset with moderate activity into a high-volume token, though the "Upbit Effect" also introduced significant short-term price volatility and concentrated liquidity within Korean exchanges.