The price of OpenLedger’s native token, $OPEN, jumped to $1.44 when South Korea’s largest exchange, Upbit, announced it would be listing the token with multiple trading pairs.
The announcement via Upbit’s X post, and then buying came in waves, moving the token up before drifting back to $1.30.
Although the token has pulled back from its highs, investor interest remains very much alive, and as of this time, the token continues to trade above $1.30, a strong indication that optimism persists about the longer-term effects on liquidity and exposure.
Upbit Confirms $OPEN Trading Support Across Multiple Pairs
In the official announcement, Upbit stated they will support $OPEN trading against KRW, BTC, and USDT.
Deposits and withdrawals will only be allowed through Ethereum’s network; otherwise, trading will start at 5:00 PM KST on September 10th. This gives traders only hours after the announcement to load their exchange wallets.
To combat volatility created through the launch, Upbit implemented limiting factors.
Buy orders are limited for the first five minutes, sell orders cannot be placed below 10% of the previous closing price in the prior five minutes, and limit orders will only be accepted in the first two hours.
These guidelines illustrate how Upbit is attempting to stabilize the market while absorbing a significant trading volume.
Also Read: Upbit Announces $CYBER Korean Won And USDT Trading Pairs Listing Driving A 78% Surge in Price
Market Impact and Trading Volumes Surge
At press time, OpenLedger (OPEN) is priced at $1.32 and has a 24-hour trading volume of $359.6 million. It has made a gain of 8.28% in the last 24 hours.
In addition to these metrics, we have seen OpenLedger (OPEN) show upward price action over the past week, so we are starting to see some market momentum.
With a circulating supply of 220 million tokens, the project currently has a market capitalization of between $ 285 million, having climbed in value together over the last week.
Analysts claim Upbit is a major driver of this momentum due to historic price rallies and increased liquidity for mid-cap tokens caused by listings on major South Korean exchanges.
Upbit’s Track Record of Price-Boosting Listings
The recent listing of $OPEN follows a similar trend as other tokens have been surging in prices amid their listing on Upbit.
UnoCrypto reported in July that Optimism’s OP token appreciated 13% post-listing on Upbit, with daily trading volume increasing more than double, to $340 million.
In August, we also reported that CyberConnect’s $CYBER token appreciated nearly 78% after Upbit confirmed KRW and USDT trading pairs.
The cases above illustrate the listing power of Upbit, where it’s common for tokens to experience significant one-time short-term price action and increased visibility upon debut.
The $OPEN appreciation is consistent with this trend, indicating good prospects for where the price could go as trading settles down.