Image Credit: Unsplash
Key Takeaways
- Morpho whale transactions, new wallets, and exchange outflows all hit multi-month highs on July 25, coinciding with Upbit’s new won trading pair.
- MORPHO’s price jumped to $2.17 before fading back to about $1.99 by Monday, suggesting the move was tied to the listing rather than lasting demand.
- Korean won pairs still account for roughly 13% of MORPHO’s total trading volume, led by Upbit’s 12.26% share.
Morpho whale transactions, new wallet creation, and exchange outflows all jumped to multi-month highs on Saturday, July 25. The spike coincided with Upbit opening a won trading pair for MORPHO. Activity has since cooled, but Korean trading volume remains the largest single source of demand for the token.
Whale Transactions, New Wallets, and Outflows Hit Multi-Month Highs
On-chain analytics platform Santiment recorded 68 transactions above $100,000 in MORPHO on Saturday, the highest single-day count since October 2, 2025, according to a post on X.
Wallet creation moved in the same direction. Santiment’s data showed 337 new MORPHO addresses created that day, the strongest reading since March 15, 2026.
Exchange balances thinned at the same time. Traders withdrew 4.35 million MORPHO from trading platforms, the largest single-day outflow since February 4, 2026, per the Santiment data.
Upbit’s Won Listing Lines Up With the Spike
The three metrics moved together as Upbit opened trading for MORPHO in the Korean won market at 6 p.m. KST on Saturday. The token’s price rose from about $1.93 to an intraday high of $2.17 within hours of the listing, according to CoinGecko data. Daily trading volume climbed to near $71 million, roughly five times the prior day’s level.
New exchange listings are often followed by short-term increases in buying, wallet creation, and token movement off centralized platforms, though Santiment’s data does not establish that the Upbit listing directly caused Saturday’s activity. Santiment’s data does not identify the traders behind the transactions, so the figures describe transaction counts and wallet creation rather than confirmed retail or institutional origin.
Price Gains Faded by Sunday
The rally did not hold. MORPHO slipped back to nearly $1.90 on Sunday and traded near $1.99 as of Monday, close to where it stood a week earlier. Daily volume fell back to about $22 million, CoinGecko data showed.
The pullback suggests the increase was tied to Saturday’s listing rather than a longer-term shift in demand, though CoinGecko’s data does not identify the cause.
Korean Won Pairs Still Dominate MORPHO Turnover
Even with the price retreat, Korean trading has not disappeared from the token’s volume base. The Upbit KRW pair accounted for 12.26% of MORPHO’s daily trading volume as of Monday, the largest share of any single market and ahead of the pair on Binance, according to CoinGecko.
Won-denominated pairs across all exchanges made up roughly 13% of total MORPHO turnover. That concentration means a large share of MORPHO’s trading occurs in South Korean won markets, giving Korean retail flow significant weight in the token’s short-term price swings. It remains unclear whether Saturday’s elevated whale and wallet activity will continue or whether Korean demand will settle into a steadier pattern. Additional trading data in the coming weeks will clarify the trend.
