In a remarkable development for the cryptocurrency sphere, South Korea’s leading crypto exchange, Upbit, has added the CYBER token to its trading platform. This announcement triggered a surge in CYBER’s market value, reaching a peak not seen in nine months. Upbit’s move has garnered significant attention and engagement from the cryptocurrency community, sparking discussions and activity across the market.
What Sets CYBER Token Apart?
CYBER is engineered for governance and operations within the Cyber chain. It boasts compatibility with multiple chains and utilizes LayerZero’s OFT token standard, enabling seamless cross-chain transactions. The Cyber chain is distinguished by its integration of social elements and artificial intelligence-driven tools. Built atop the OP Stack, it features EVM-based applications and modular development capabilities, enhancing its functionality and appeal.
How Did Upbit Structure the Trading Launch?
The CYBER token had already gained traction on platforms like Binance, Bitget, MEXC, and the prominent Korean exchange, Bithumb. However, its introduction on Upbit greatly expanded its market presence and visibility. The exchange announced CYBER’s availability for trading against the Korean Won and Tether (USDT), with transactions exclusively supported via the Ethereum network.
“If a certain level of liquidity is not achieved after the announcement, the start time for trading support may be postponed,” Upbit officials informed.
The trading was scheduled to commence at 5:00 PM Korea Standard Time, with a specified contract address. This precise approach aimed to secure sufficient liquidity before the trades began.
Following Upbit’s announcement, CYBER experienced a dramatic price increase. From approximately $1.8, the value soared past $5, marking a 133% growth. The market capitalization also significantly expanded, transitioning from $80 million to about $170 million. This remarkable performance vaulted CYBER to the forefront as the top performer on CoinGecko’s platform.
“After the news was released, Koreans experienced a significant spike in CYBER’s price in a very short time,” remarked a market observer.
In tandem with the price jump, CYBER’s daily trading volume skyrocketed to $251 million—a 524% increase from previous levels—indicating heightened investor activity and interest.
The announcement has profoundly impacted CYBER’s price and trading volume, demonstrating the influence of exchange decisions on crypto asset fluctuations. Such strategic moves often sway short-term investor behavior and contribute to significant shifts in market dynamics.
