Upbit, South Korea's largest cryptocurrency exchange, has announced the inclusion of a new trading pair for MINA, the native cryptocurrency of the Mina Protocol. This pairing is denominated in Korean won (KRW), and its unveiling has already triggered a notable surge in the price of MINA.
Over the past 24 hours, MINA has experienced an impressive 50% increase in its price, with a remarkable 30% surge within the last hour. Upbit's revelation about the KRW pairing has ignited a frenzy of buying activity among both Korean and global traders, resulting in the rapid upswing in the coin's value.
Upbit has provided specific guidelines for this listing to ensure an equitable and secure trading environment:
Few months back, Upbit listed the BTC/MINA trading pair. The trading was opened on July 11, 2023, at 16:00 KST. The addition had resulted in almost 17% surged within 24 hours and reached a peak at $0.505.
MINA is built on a layer-1 blockchain protocol that leverages zero-knowledge proofs, enabling efficient scaling while maintaining a compact blockchain structure. The central mission of this project is to establish a decentralised, highly scalable blockchain that can support widespread adoption.
The surge in MINA's price exemplifies the substantial impact of exchange listings on generating excitement and short-term price hikes. However, the sustainability of these new highs for MINA remains uncertain. In the interim, traders are actively taking advantage of this upward trend.
[Update on 25 October]
Following the initial excitement sparked by the listing news, MINA's price kept going up. A couple of hours later, it surged by another 50%, achieving an impressive overall increase of 100%. The trading volume also skyrocketed to $420.38 million from its earlier level of around $47 million.
As of now, within the same 24-hour timeframe since the announcement, the price has seen a decline of 20% to 30%. This drop may be influenced by the fear of missing out that initially drove the surge. It is advisable for traders to exercise caution and carefully evaluate their decisions in such volatile situations. Nonetheless, it is still remarkable to see how a new listing on Upbit can have such a significant impact.
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