Upbit's Saturday KRW listing drove a South Korea-led spike in Morpho on-chain activity: 68 whale transactions above $100,000 (highest since Oct 2, 2025), 337 new addresses (strongest since Mar 15, 2026) and 4.35 million MORPHO withdrawn from exchanges (largest single-day outflow since Feb 4, 2026). MORPHO rose from about $1.93 to an intraday high of $2.17 and daily volume surged to roughly $71 million before cooling to near $1.99 and ~$22 million, with the Upbit KRW pair now accounting for 12.26% of turnover, signaling CEX-driven adoption and short-term market impact for the DeFi token.

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In Brief

South Korean demand drove Morpho on-chain activity to multi-month highs.
Whale transactions, new wallets and exchange outflows all surged on Saturday.
Upbit still handles more MORPHO volume than any other trading venue.

South Korean demand pushed Morpho (MORPHO) whale transactions, wallet creation, and exchange outflows to multi-month highs on Saturday. The spike landed the same day Upbit opened a won trading pair.

Activity has since cooled across all three metrics. Still, Upbit handles more MORPHO volume than any other venue.

What Happened on Saturday

Santiment recorded 68 whale transactions above $100,000 in a single day. That is the highest daily count since October 2, 2025.

Wallet creation moved with it. 337 new MORPHO addresses appeared, the strongest reading since March 15, 2026.

Exchange balances thinned at the same time. Traders shifted 4.35 million MORPHO off platforms, the largest single-day outflow since February 4, 2026.

MORPHO Whale Transactions, Network Growth, and Exchange Outflows Spike to Multi-Month Highs. Source: X/Santiment

The simultaneous bullish signal arrived as Upbit opened trading for MORPHO in the KRW market at 6 p.m. KST that evening. The announcement also triggered a price surge.

MORPHO climbed from about $1.93 to an intraday high of $2.17 within hours, and daily volume rose close to 5 times to near $71 million, according to CoinGecko.

Upbit Still Handles More MORPHO Volume Than Binance

Nonetheless, the rush proved short. MORPHO slipped to nearly $1.9 on Sunday and now trades near at $1.99, roughly where it sat a week earlier. Daily volume has fallen back to about $22 million.

MORPHO Price Performance. Source: BeInCrypto Markets

Still, the Korean flow did not leave entirely. The Upbit KRW pair accounts for 12.26% of daily MORPHO volume, the largest share of any market, ahead of Binance.

Won pairs across all venues make up about 13% of turnover. That concentration gives Korean retail traders significant influence over short-term MORPHO price movements.

The next few weeks should show whether Korean access turns into steady demand or stays a one-day event.

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Read the article at BeInCrypto