Upbit and Bithumb's backing propels a cryptocurrency by an impressive 170%, unveiling key facts.
In a recent development, the South Korean cryptocurrency exchange, Upbit, has once again demonstrated its influence on the market by listing Hyperlane (HYPER). This move has resulted in a significant price surge for HYPER, with the token reaching an approximate 170% increase within 24 hours, nearly matching its all-time high of $0.35.
The impressive rally of Hyperlane (HYPER) is attributed mainly to the support from Upbit. The exchange's history of listing coins has consistently triggered significant price spikes, as seen with Moo Deng (MOODENG), Ravencoin (RVN), and TRUMP in the past.
For Hyperlane (HYPER), the price surged by over 95% immediately after listing, reaching around $0.31 and continuing upward to $0.33. The market capitalization of HYPER has surged from around $20 million to over $55 million.
Similarly, Moo Deng (MOODENG) experienced a price jump of more than 50% following Upbit's listing announcement, with additional speculative interest driven by anticipation of a possible Binance listing. This compounded the price surge.
The influence of Upbit and its market presence as South Korea’s largest exchange plays a significant role in these price effects. Listings often increase liquidity, trading volume, and investor awareness, driving substantial short-term price increases.
Upbit's listing has enhanced the liquidity and accessibility of Hyperlane (HYPER) and other coins such as Moo Deng, Ravencoin, and TRUMP. This has led to a potential for these coins to continue their bull run, a topic of optimism among some industry participants.
However, some concerns have been raised about certain projects potentially using listings to dump their tokens on the South Korean market. Despite this, the potential for Hyperlane (HYPER) and other coins to continue their bull run remains a topic of optimism.
One user, Crypto GVR, even predicted the price of Hyperlane (HYPER) could reach a new peak of $0.50 within the next three to six months. This optimism is further fuelled by the significant reputational boost that Upbit's listing provided to the Hyperlane (HYPER) token, similar to its impact on Moo Deng, Ravencoin, and TRUMP.
Following Upbit's listing, South Korea's second-biggest crypto exchange, Bithumb, has also introduced the HYPER/KRW trading pair. This move is expected to further boost the liquidity and visibility of Hyperlane (HYPER) in the South Korean market.
In conclusion, Upbit's coin listings tend to trigger rapid and significant price gains for listed cryptocurrencies, making it a key catalyst in market momentum for coins such as HYPER, MOODENG, RVN, and TRUMP. The potential for these coins to continue their bull run remains a topic of interest in the cryptocurrency industry.
- The listing of Hyperlane (HYPER) on Upbit, South Korea's largest crypto exchange, has played a crucial role in the token's price surge, as it often increases liquidity, trading volume, and investor awareness, leading to substantial short-term price increases.
- The South Korean exchange, Bithumb, has followed Upbit's lead by introducing the HYPER/KRW trading pair, further boosting the liquidity and visibility of Hyperlane (HYPER) in the South Korean market.
- Some industry participants are optimistic about the potential for coins like Hyperlane (HYPER), Moo Deng, Ravencoin, and TRUMP to continue their bull run, following the significant price surges observed after listings on major crypto exchanges like Upbit, which can potentially provide a reputational boost and fuel further speculative interest.
