Korean Whales Stampede Into MORPHO Just as Upbit Unlocks the Won Gate 🐳

South Korean trading pushed Morpho (MORPHO) whale transactions, wallet creation and exchange outflows to multi-month highs on Saturday, the same day Upbit opened a won trading pair for the token. Santiment recorded 68 whale transactions above $100,000 in a single day, the highest daily count since October 2, 2025. Wallet creation tracked the move, with 337 new MORPHO addresses appearing, the strongest reading since March 15, 2026. Exchange balances thinned in parallel as traders shifted 4.35 million MORPHO off platforms, the largest single-day outflow since February 4, 2026.

Upbit began trading MORPHO against the Korean won at 6 p.m. KST that evening, and the announcement triggered a price surge. MORPHO climbed from about $1.93 to an intraday high of $2.17 within hours, while daily volume rose close to 5 times to near $71 million, according to CoinGecko. The simultaneous spike in whale activity, network growth and exchange withdrawals arrived alongside the listing.

The rush proved short-lived. MORPHO slipped to nearly $1.9 on Sunday and later traded near $1.99, roughly where it sat a week earlier. Daily volume has fallen back to about $22 million, according to CoinGecko data.

Korean demand did not fully recede, however. The Upbit KRW pair accounts for 12.26% of daily MORPHO volume, the largest share of any market and ahead of Binance. Won pairs across all venues make up about 13% of turnover, a concentration that gives Korean retail traders significant influence over short-term MORPHO price movements.