Polygon has rallied over 25% on news that the Korean crypto exchange Upbit has cleared the MATIC token for trading.
Polygon Reacts to Exchange Listing
Korean traders are hosting a Polygon party.
Ethereum scaling solution Polygon shot up Friday morning after the Korean crypto exchange Upbit announced that it had listed the MATIC token for trading. Korean traders can now buy, sell, and transfer Polygon’s native token on the exchange, with a minimum deposit of 10 MATIC.
Following the news, Polygon’s MATIC token posted a 25% rally, putting in a new local high of $1.60.
Along with MATIC, Upbit has also launched trading for two other cryptocurrencies today: Solana and NuCypher. While Solana’s SOL token has climbed a modest 5.8% since the listing, NuCypher, on the other hand, has put in a parabolic 678% gain, rocketing from $0.29 up to $2.61 before cooling off slightly.
Polygon and NuCypher are not the first projects to receive a considerable boost from an exchange listing. Over the summer, several crypto assets saw double and even triple-digit gains after being listed on the U.S. exchange Coinbase. One of the biggest gainers was the yield aggregator Harvest Finance, which surged 127% after its Coinbase listing.
Upbit is currently the biggest crypto exchange in South Korea, handling over $7 billion worth of transactions every day, according to data from CoinGecko. As the crypto market in Korea grows, Upbit will likely continue to list more assets to meet customer demands.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.
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