South Korean cryptocurrency exchange Bithumb has officially announced the listing of the Phala Network (PHA) token for spot trading against the Korean Won (KRW). According to the exchange's announcement, deposits and withdrawals for PHA opened within two hours of the notice, with transactions supported exclusively via the Ethereum network. Trading is scheduled to commence on Friday, March 20, 2026, at 3:00 PM local time, with a reference price set at 48.24 KRW. The exchange noted that 33 block confirmations are required for deposited assets to be credited.
Phala Network is a project focused on providing a decentralized cloud computing infrastructure, leveraging hardware-based security to protect sensitive data and integrating artificial intelligence with blockchain technology. The PHA token is utilized within its ecosystem for governance, staking, and reward distribution.
To ensure market stability and investor security, Bithumb has implemented specific trading restrictions for the new listing. For the first five minutes after trading begins, buy orders will be limited. During this initial period, sell orders will not be permitted at prices 10% below or 100% above the reference price. Furthermore, only limit orders will be accepted for approximately the first two hours of trading. The exchange reminded investors of the high risks associated with crypto assets and emphasized the importance of conducting personal research.
The listing immediately catalyzed significant market activity. Following the announcement, the PHA price experienced a dramatic intraday surge, rallying approximately 30% and marking a 110% recovery from a recent monthly low near $0.021. On-chain data revealed aggressive accumulation, with roughly 45 million PHA tokens flowing out of exchanges, compared to inflows of only 21.62 million. This net outflow suggests a tightening of available supply.
Whale activity intensified concurrently, with a noticeable spike in transactions valued above $100,000. Key metrics also turned bullish: the 30-day Market Value to Realized Value (MVRV) ratio surged, bringing average investor positions close to breakeven and potentially reducing immediate sell pressure. Active addresses on the network increased, indicating growing user engagement beyond mere price speculation.
Technically, the PHA price now faces a critical test at the $0.053 level, which aligns with the 200-day Exponential Moving Average (EMA). A successful breakout could set sights on higher targets at $0.075 and $0.091. The sustainability of the rally appears contingent on continued demand and constrained exchange supply.
