Upbit Announced the Listing of $DRIFT, Token Surge 90% in Just Two Hours
The token's lowest and highest prices during the day were recorded at $0.4746 and $0.9747, respectively. The trading volume of DRIFT also witnessed a staggering 1000% increase
South Korea’s leading cryptocurrency exchange, Upbit, has listed the Drift (DRIFT) token resulting in a dramatic surge in the token’s price of more than 90%, which doubled its value and reached a new all-time high. The development underlines the significance of listings on major exchanges in boosting the visibility and appeal of new crypto assets.
On November 8th, Upbit officially listed DRIFT, enabling users to trade the token against South Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). The exchange specifically stated that deposit and withdrawal transactions only work on the Solana $200 network.
The listing’s impact was swift and substantial. Within 24 hours, the price of DRIFT surged by 100%, achieving a new all-time high. The token’s lowest and highest prices during the day were recorded at $0.4746 and $0.9747, respectively. The trading volume of DRIFT also witnessed a staggering 1000% increase within the same timeframe, highlighting the robust investor interest generated by the Upbit listing.
Upbit Listed Drift Sprang the Token to New Highs
Drift Protocol has established itself as a prominent player in the decentralized finance (DeFi) sector, operating as an open-source decentralized exchange on the Solana blockchain. The Upbit listing follows its successful listings on other major platforms, such as Coinbase. The protocol’s ability to facilitate futures trading further enhances its appeal, particularly within the rapidly growing Asian market.
Previous listings on Upbit have demonstrated their power to amplify the market appeal of new crypto assets. The SAFE token, for instance, experienced an 88% increase following its listing on the exchange. These instances underscore the effectiveness of major platforms in driving investor interest and liquidity, especially in regions with limited alternatives for local investors.
However, recent data from the derivative market reveals a potential shift in sentiment. Open positions for DRIFT have decreased by 8% in the past four hours, hinting at a waning interest in futures trading as investors take profits.
The listing of the Drift token on Upbit not only created a significant ripple effect in cryptocurrency markets but also solidified its position as a promising player in the DeFi sector.
