Share this article
Polygon has rallied over 25% on news that the Korean crypto exchange Upbit has cleared the MATIC token for trading.
Polygon Reacts to Exchange Listing
Korean traders are hosting a Polygon party.
Ethereum scaling solution Polygon shot up Friday morning after the Korean crypto exchange Upbit announced that it had listed the MATIC token for trading. Korean traders can now buy, sell, and transfer Polygon’s native token on the exchange, with a minimum deposit of 10 MATIC.
Following the news, Polygon’s MATIC token posted a 25% rally, putting in a new local high of $1.60.
MATIC/USD chart. Source: CoinGecko
Along with MATIC, Upbit has also launched trading for two other cryptocurrencies today: Solana and NuCypher. While Solana’s SOL token has climbed a modest 5.8% since the listing, NuCypher, on the other hand, has put in a parabolic 678% gain, rocketing from $0.29 up to $2.61 before cooling off slightly.
Polygon and NuCypher are not the first projects to receive a considerable boost from an exchange listing. Over the summer, several crypto assets saw double and even triple-digit gains after being listed on the U.S. exchange Coinbase. One of the biggest gainers was the yield aggregator Harvest Finance, which surged 127% after its Coinbase listing.
Upbit is currently the biggest crypto exchange in South Korea, handling over $7 billion worth of transactions every day, according to data from CoinGecko. As the crypto market in Korea grows, Upbit will likely continue to list more assets to meet customer demands.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Polygon Daily Transactions Tank 50% After Gas Fee Hike
Polygon has increased transaction fees to avoid spam attacks on the network. However, the community has not welcomed the update. MATIC is at risk of a steep correction. Polygon Network…
Polygon Users Overtake Ethereum Amid Crypto Gaming Mania
Daily active addresses on Polygon have overtaken Ethereum after a surge in users from the upcoming mobile gaming app Arc8. Polygon Users Hit All-time High The number of Polygon users…
Efficient Market Hypothesis: Does Crypto Follow?
The Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the…
Harvest Finance Surges 127% on Coinbase Listing
Coinbase has listed four new coins on its exchange, available for trading in most supported regions. Harvest Finance has rallied 127% on the update. Coinbase Adds to Supported Tokens Coinbase…