Upbit has confirmed the suspension of MAGIC token deposits and withdrawals beginning May 28, 2025, as the token transitions from Treasure Chain to the Ethereum network.
This action underscores the ongoing technical migration affecting the MAGIC token ecosystem, having significant implications for traders and the blockchain community.
MAGIC Token Migrates to Ethereum: Upbit Halts Transactions
Upbit has temporarily suspended the MAGIC token due to a planned migration to the Ethereum network. This change aims to integrate the token more effectively with a larger blockchain, having historically boosted transaction capabilities.
The suspension began at 02:00 UTC on May 28, 2025. The MAGIC token ecosystem, governed by Treasure DAO, faces this transition as an essential technical undertaking to improve network efficiency.
Temporary suspension of MAGIC deposits and withdrawals began on May 28, 2025, at 02:00 UTC due to the token’s planned migration from Treasure Chain to Ethereum. – Upbit, Official Statement, Upbit
Market Concerns Escalate Amid MAGIC Suspension
Investors and traders expressed concern over potential delays and the effects on MAGIC’s market volatility. This suspension impacts liquidity and could lead to strategic portfolio adjustments.
Analysts highlight potential gains in transaction speed and interoperability once migration completes. Comparing past incidents, market confidence typically recovers swiftly, barring unforeseen setbacks during post-migration procedures.
Past Migrations Indicate Quick Recovery Post-Upgrade
Previous token migratory events, such as February 2025’s resumption of MAGIC on Upbit, serve as benchmarks for predicting service recovery timelines. This comparison offers insights into user adaptability and system upgrades.
Experts from Kanalcoin suggest a post-migration environment will likely enhance MAGIC’s utility within the broader crypto market, referencing historical performance data to predict a positive outlook for the token’s future.
| Disclaimer: This website provides information only and is not financial advice. Cryptocurrency investments are risky. We do not guarantee accuracy and are not liable for losses. Conduct your own research before investing. |
