South Korean cryptocurrency exchange Upbit has added Nervos Network’s CKB token to its trading platform, leading to a dramatic 18% rise in the token’s value in just 24 hours. This boost has significantly impacted the token’s market capitalization and trading volume, reflecting increased investor interest and market activity.
CKB Trading Begins
Trading of the CKB token on Upbit commenced on September 13. The platform has specified that deposits and withdrawals can only be conducted through personal wallet addresses that have completed a stringent “ownership verification” process. Upbit cautions users against transferring funds incorrectly, as refunds may be necessary under such circumstances. Investors are advised to exercise caution when handling transactions.
Market Controls Initiated
To manage market volatility following the CKB listing, Upbit has enacted strict limitations on trading activities. Purchase orders are restricted to five-minute intervals, while sell orders cannot exceed 10% of the prior day’s closing price. These measures also include a temporary suspension of market price and pre-order transactions for around an hour post-listing to stabilize market activities.
Key Observations and Implications
– Nervos Network (CKB) is now priced at $0.0106.
– The token has seen an 18.8% increase in value.
– Trading volume surged by 589.60%, reaching $119 million.
– CKB’s market cap is $475 million, ranking it as the 115th largest cryptocurrency.
– CKB has increased by 301.90% since last September.
Upbit is focused on enhancing its trading volume by listing a variety of altcoins this year. Previous additions include Beam (BEAM) and Ethereum Name Service (ENS). The exchange has also introduced trading for tokens such as BIGTIME, UXLINK, and Aether’s ATH, underscoring its strategic expansion. Analysts monitoring CKB’s price movements note a Relative Strength Index (RSI) of 67.96, which indicates a strong bullish trend, though caution is advised if RSI approaches overbought levels.
