Jito (JTO) experienced a sharp price increase of over 20% after South Korean cryptocurrency exchange Upbit announced its plans to list the token.
The news sparked an immediate market reaction, with $JTO surging past 4 USDT before experiencing a correction and stabilizing around 3.25 USDT.
The surge highlights strong investor enthusiasm, as exchange listings typically improve a token’s accessibility and liquidity.
The Upbit listing represents a crucial milestone for Jito, offering exposure to one of Asia’s largest crypto markets and expanding its global investor base.
Market Performance and Trading Volume Surge
Following the Upbit announcement, Jito’s trading activity saw a significant boost.
The token is currently priced at $3.12, with a remarkable 24-hour trading volume of approximately $126.6 million.
Over the past day, JTO has gained 20.83%, continuing an 8.86% upward trend over the last week.
The token’s circulating supply of 300 million JTO has helped propel its market capitalization past $1 billion, solidifying its position as a key player in the cryptocurrency market.
These numbers indicate strong bullish momentum, with investors showing growing confidence in Jito’s future prospects.
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Upbit’s Impact on Jito’s Market Expansion
Upbit’s decision to list JTO is a significant development, as the exchange is one of South Korea’s largest and most influential crypto platforms.
With its extensive user base and high trading volumes, Upbit’s support is expected to increase JTO’s market visibility and attract new investors.
Historically, listings on major exchanges lead to enhanced liquidity, improved price stability, and heightened community engagement.
The effect has been evident with other tokens such as Pepe (PEPE), which surged over 80% after listings on Upbit and other exchanges, demonstrating the power of strategic exchange placements.
Price Volatility and Future Market Outlook
Despite JTO’s rapid surge past 4 USDT, a correction followed as traders took profits, with the price stabilizing near 3.25 USDT.
The current volatility in view is common after high-profile exchange listings, as seen with other tokens like MOVE and VIRTUAL, which also experienced double-digit gains following Upbit announcements.
However, with a $1 billion market cap and increasing adoption, Jito remains well-positioned for future growth.
If trading volumes remain strong and further exchange listings or ecosystem developments are announced, JTO could continue its upward trajectory, solidifying its status in the crypto market.
Upbit Listing and Market Impact
Jito’s surge aligns with a broader trend where Upbit listings drive significant price increases for newly listed tokens.
Token such as MOVE token jumped 28.92% after Upbit announced trading pairs in KRW, BTC, and USDT, reflecting the impact of such listings on market sentiment.
Also VIRTUAL token similarly surged 17.76% to $2.34 after its Upbit listing, generating $314 million in 24-hour trading volume.
Additionally, Upbit’s recent support for JasmyCoin ($JASMY) and PolySwarm ($NCT) led to $NCT skyrocketing over 84% to $0.03565, while $JASMY experienced an initial 9% rise before a slight dip.
Another major example is Drift Protocol (DRIFT), which soared 97% after its Upbit listing, demonstrating the strong influence the exchange has on token valuations.
Given these precedents, Jito’s price could continue its upward trajectory, especially if further exchange listings or ecosystem developments emerge.
Also Read: Upbit Faces 6-Months Trading Suspension Over AML and KYC Violations In South Korea