The price of KernelDAO’s native token, KERNEL, surged by 28.66% following a major announcement from Upbit, one of the world’s leading cryptocurrency exchanges.
As of today, KERNEL is trading at $0.2199 with a 24-hour trading volume surpassing $80 million, and a market cap of over $35.8 million.
The sharp uptick was triggered by Upbit’s decision to list KERNEL for spot trading in both BTC and USDT markets.
The listing comes as part of Upbit’s broader initiative to celebrate Bitcoin reaching an all-time high (ATH), combining new trading opportunities with special promotional incentives.
Upbit Launches ATH Event to Drive Trading Volume and Participation
To mark Bitcoin’s ATH milestone and support the KERNEL listing, Upbit rolled out a special event offering significant trading incentives.
From May 23 to June 5, traders on the USDT market can enjoy an 84% discount on trading fees, bringing the rate down to just 0.04%.
Additionally, a 1 BTC prize pool has been established for a maker transaction ranking competition, encouraging increased liquidity and market activity.
These incentives are available to KERNEL traders as well, boosting visibility and trading volume for the newly listed asset.
Also Read: Bithumb and Upbit Announce The Delisting of HIFI, $HIFI Token Dropped By 9%
Trading Restrictions and Technical Considerations for Deposits
Alongside the listing, Upbit introduced temporary trading restrictions to ensure market stability during the initial trading window.
For approximately five minutes after the listing goes live, buy orders are restricted, and sell orders priced 10% below the previous day’s closing price are temporarily disabled.
All order types except limit orders are restricted for around two hours post-listing.
Additionally, KERNEL deposits and withdrawals are only supported via the Ethereum network, and users are required to verify the official contract address before initiating transfers.
These measures aim to safeguard investors and maintain a smooth onboarding process as KERNEL gains broader exchange support.
Also Read: Upbit’s Compound Token Listing Announcement Leads To $COMP Token Surge By Over 39%
KernelDAO’s Expanding Role in Re-Staking and Governance
KernelDAO offers a robust suite of DeFi infrastructure services including Kernel, Kelp, and Gain, all designed to enhance re-staking and governance functionalities across blockchains.
Kernel focuses on BNB chain re-staking with support for BNB and BTC LRTs, while Kelp operates on Ethereum, and Gain functions as a smart contract for managing ETH and LST assets.
The KERNEL token plays a critical role in governance, re-staking, and slashing insurance within the ecosystem.
With Upbit’s listing and associated market incentives, KernelDAO is poised to attract more users and capital, further solidifying its presence in the liquid re-staking sector of decentralized finance.
Upbit’s Token Listings Continue to Influence Market Movements
Upbit has recently become a major catalyst in token price movements through its strategic listings.
The KERNEL listing follows a series of high-profile token announcements that have also seen notable gains.
PENGU, listed on Upbit with KRW, BTC, and USDT pairs, rose 23% following its debut, driven by interest in its meme coin and NFT ecosystem.
Similarly, Celestia (TIA) and io.net (IO) experienced post-listing price jumps of 13% and 22% respectively.
The Upbit listing of DEEP/KRW pushed DEEP’s price up 32% on April 22.
These patterns underscore Upbit’s influence in shaping market trends and boosting the visibility and trading activity of newly listed assets. With KERNEL now in the spotlight, investor sentiment remains strongly bullish.
Also Read: Jito ($JTO) Surges Over 20% Following Upbit Crypto Exchange Listing Announcement