Livepeer (LPT) experienced a dramatic price increase of 123% on Friday, following its dual listing on South Korean exchange Upbit and decentralized platform dYdX.
The event signals the significant influence cryptocurrency listings on major exchanges have on token valuations, driven mainly by South Korea’s active trading community.
Livepeer’s Value Soars Post Upbit and dYdX Listings
Livepeer, a decentralized video infrastructure protocol, surged in value following its recent listing on Upbit and dYdX. The platform saw a market cap increase, reaching over $420 million with price climbing to around $10.17.
The listing of Livepeer on these prominent exchanges was a key event, allowing Korean traders to engage more dynamically. Doug Petkanics and Eric Tang, Livepeer’s co-founders, have a history in decentralized tech ventures. Market Analyst, Market Analysis, “Tokens always surge whenever they are listed by Upbit because it is the biggest crypto exchange in the South Korean market. It is also well-known that South Koreans are some of the top crypto traders in the industry.”
Upbit Listing Triggers 123% Rally for LPT
The listing prompted LPT to rally significantly, reflecting Upbit’s impact on token trading volumes. Analysts noted speculation fueled by retail investors, despite awareness of potential post-listing volatility.
Price volatility is consistent with historical token listings on major exchanges. Upbit’s dominance in the Korean market can catalyze token demand, often resulting in initial price spikes and subsequent stabilization.
Historical Gains from Korean Exchange Listings Analyzed
Historically, tokens listed on major Korean exchanges like Upbit often experience drastic initial gains, followed by corrections. A similar trend was observed with POKT’s 350% surge upon its recent listing.
Kanalcoin experts highlight that while exchange listings initially spike prices, tokens may stabilize over time. Historical data confirms that retail-driven surges tend to wane once initial trading euphemism subsides. Market Commentator, Market Commentary, “However, in most cases, cryptocurrencies often plunge after the initial hype following an exchange listing.”
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