Upbit, South Korea’s leading crypto exchange, announced that it has listed the Drift token. This announcement caught the attention of investors, causing the DRIFT price to double and reach a new all-time high.
DRIFT Token Listing
According to an announcement made on November 8, Upbit exchange has listed the DRIFT token. Users can trade the token in KRW, BTC and USDT parities. Additionally, the exchange informed its users that deposits and withdrawals are supported only through the Solana network.
DRIFT price surged 100% within 24 hours of listing and reached a new all-time high. The lowest and highest prices during the day were $0.4746 and $0.9747 respectively. DRIFT’s transaction volume increased by 1000% in just 24 hours, demonstrating high investor interest.
Potential in the DeFi Field
Drift Protocol has taken an important step in the DeFi space as an open-source decentralized exchange on Solana. DRIFT’s listing on Upbit follows its success on major platforms such as Coinbase. With the ability to trade futures, Drift Protocol aims to attract a wide audience, especially in the growing Asian market.
Recent listings on Upbit play an important role in increasing the visibility of new crypto assets like DRIFT. Other tokens such as SAFE also increased by 88% after their listing on Upbit. This reveals how effective listings on major platforms are in increasing the market attractiveness of tokens. Additionally, being based in Asia means more liquidity for the relevant tokens in an environment where investors here have limited alternatives. We have seen many times this year that Upbit listings generate better returns than Binance listings. In fact, due to (perhaps?) the appetite for increased volumes with Upbit listings, Binance and other exchanges also made new listings (for relevant altcoins).
However, derivatives market data says that the relevance in futures has started to weaken, with DRIFT’s open positions falling by 8% in the last 4 hours, and investors are taking profits. Although this indicates that the price increase may not continue for a long time, it is possible that DRIFT may continue to recover from the $0.70 support level.
The listing of the Drift token on Upbit made a significant impact on the crypto markets, while also reinforcing its potential in the DeFi space. This development once again demonstrated the importance of listing crypto assets on major exchanges in increasing investor interest.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
