SKY and USDS listed on Upbit spot market; short-term volatility analysis.
Key findings : Upbit officially launched the SKY/KRW, USDS/KRW, SKY/USDT, and USDS/USDT spot trading pairs on March 31, 2026 at 03:00 UTC. Prior announcements triggered market expectations, leading to increased short-term volatility for SKY, with the price range widening to approximately 8% (from a low of 0.0729 to a high of 0.0753) on March 30-31. USDS, as a stablecoin, remained within the $0.9995-$1.0008 range, exhibiting minimal volatility of only 0.13%. On the first day of listing, attention should be paid to capital inflows and liquidity in the South Korean market. (Bloomingbit Techflowpost )
The listing announcement was released at approximately 02:30 UTC on March 31, 2026. Just 10 minutes prior to the announcement (02:40 UTC on March 31, 2026), trading had not yet officially begun, but the pre-launch effect was already evident: SKY saw a slight increase of 1.1% in the hour leading up to the announcement (01:00-02:00 UTC), reflecting early positioning by traders. Historical data shows that Upbit KRW listings often trigger an influx of Korean won, pushing altcoins up briefly before a pullback. As the native token of Sky Protocol (with a market capitalization of approximately $1.728 billion), SKY is likely to be affected. (Coinness )
Listing details
Upbit's official announcement confirms:
- Launch time : 2026-03-31 03:00 UTC (approximately 12:00 Korean time).
- Trading pairs : SKY/KRW, USDS/KRW, SKY/USDT, USDS/USDT (spot market).
- Other : Deposits and withdrawals are now open simultaneously, reported by multiple media outlets, with no additional restrictions on mention. Upbit announcement via BWEnews Chaincatcher
| Exchange | Trading Pair | Product Type | state | Updated (UTC) |
|---|---|---|---|---|
| Upbit | SKY/KRW, USDS/KRW, SKY/USDT, USDS/USDT | SPOT | Active (coming soon) | 2026-03-31 02:30 |
| Bithumb | SKY/KRW | SPOT | Delisted | 2026-03-29 16:07 |
| Bithumb | USDS/KRW | SPOT | Delisted | 2026-03-29 16:10 | Token Trading Data
Background : SKY (Sky Protocol token) and USDS (its stablecoin) were previously delisted from Bithumb. Upbit's listing fills a gap in the Korean market and is expected to attract local retail and institutional funds. Historically, Upbit listings have often resulted in a 20-50% surge in trading volume on the first day, but have been accompanied by high volatility. (Panewslab)
Short-term price performance ( March 30-31, 2026, 1H OHLC) CoinGecko
SKY Price Trend (USD)
Prior to the IPO announcement, SKY rose from $0.0697 on March 1st to $0.0743 at 02:00 on March 31st, a monthly increase of 6.6% . Short-term volatility has significantly increased.
| Time (UTC) | opening | Highest | lowest | Closing | Hourly changes |
|---|---|---|---|---|---|
| 2026-03-30 17:00 | 0.0761 | 0.0762 | 0.0744 | 0.0744 | -2.2% |
| 2026-03-30 21:00 | 0.0734 | 0.0734 | 0.0730 | 0.0730 | -1.8% |
| 2026-03-31 00:00 | 0.0730 | 0.0735 | 0.0729 | 0.0734 | +0.6% |
| 2026-03-31 01:00 | 0.0734 | 0.0740 | 0.0733 | 0.0740 | +0.8% |
| 2026-03-31 02:00 | 0.0741 | 0.0753 | 0.0737 | 0.0743 | +0.4% |
- Volatility characteristics : The price ranged from a low of $0.0729 to a high of $0.0760 on March 30th, with a daily fluctuation of 4.2% . The price continued to fluctuate in the morning of the 31st, and this fluctuation may widen further after the announcement. Active trading suggests that funds have entered the market in advance.
- Driving factors : Upbit KRW has strong market depth (high proportion of South Korean users), listing expectations combined with USDS stablecoin pairing, amplifying the leverage effect.
USDS Price Trend (in US Dollars)
As a stablecoin, USDS is pegged to $1 throughout the month, with a high of 1.0008 and a low of 0.9994, and an average deviation of only 0.05% .
| Time (UTC) | opening | Highest | lowest | Closing | Hourly changes |
|---|---|---|---|---|---|
| 2026-03-30 17:00 | 0.9998 | 0.9998 | 0.9997 | 0.9998 | +0.01% |
| 2026-03-30 21:00 | 0.9995 | 0.9996 | 0.9995 | 0.9996 | +0.00% |
| 2026-03-31 00:00 | 0.9996 | 0.9996 | 0.9995 | 0.9996 | +0.00% |
| 2026-03-31 01:00 | 0.9996 | 0.9996 | 0.9995 | 0.9996 | +0.00% |
| 2026-03-31 02:00 | 0.9996 | 0.9996 | 0.9996 | 0.9996 | +0.00% |
- Stability : No significant deviation from the benchmark, suitable as a safe-haven asset for the SKY trading pair. Short-term volatility has not intensified.
Data limitations : Price data is current as of 02:00 UTC on March 31, 2026; real-time fluctuations after listing (after 03:00) are unknown; no trading volume/depth data is available, making it impossible to quantify the liquidity impact. March data is generally fresh (<1 day), but monitoring of Upbit's first hour of trading is necessary.
Causes and Outlook of Increased Volatility
- Why the volatility is exacerbated : 1) Upbit KRW's historical "pump-and-dump" effect (refer to the recent KAT IPO, which saw a 60% surge followed by a pullback); 2) SKY's cumulative monthly gain of 6.6%, with the announcement amplifying FOMO; 3) South Korea's regulatory environment combined with the weekend effect, leading to a surge of retail investors and potentially driving up price volatility. (Theblockbeats )
- Risks : Under high volatility, SKY is likely to see a 10-20% pullback; USDS is stable, but if it de-pegs, the consequences will be rippled out.
- Trading perspective : Short-term bulls can try to capitalize on the opening surge (target $0.078), with a stop-loss at $0.072; USDS stablecoin is recommended to be held. Pay attention to the trading volume in the 1-2 hours after 3:00 AM; if it exceeds 20% of the monthly average, volatility will continue to increase.
Bottom line : Yes, SKY's short-term volatility has increased, while USDS is stable. The listing is a positive catalyst, but its high beta amplifies risk; therefore, limiting positions is recommended.