It has been some time since a crypto asset got a price pump from a major exchange listing but that appears to be exactly what has happened to Algorand today.
In an announcement on Nov 18, major South Korean crypto exchange Upbit stated that it has listed the ALGO token. Users will now be able to buy the Algorand token using their local currency, KRW.
The ALGO price spike topped out at 75% to reach the $2.93 level in a single hour on the news. Exchange listing altcoin spikes have been few and far between this year as DeFi, NFTs, and related airdrops have been producing the pumps. The surge was short-lived, however, and ALGO prices have since retreated to $1.85 at the time of press.
ALGO is still 48% down from its June 2019 all-time high of $3.56 though it did surge to a yearly peak of $2.38 in mid-September of this year. The move coincided with a $100 million sponsorship deal between Algorand and the Drone Racing League.
Algorand is a scalable high-speed blockchain that supports smart contracts and is based on proof-of-stake consensus.
Koreans ape in on ALGO and AUDIO
Upbit also listed AUDIO at the same time as ALGO and that token had a similar surge. AUDIO is the native token of Audius, a decentralized music sharing and streaming protocol that facilitates content transactions directly between listeners and creators without intermediaries.
AUDIO prices pumped 55% within an hour or so of the listing announcement. The token surged from around $2.30 to top out at $3.58 before pulling back to around $2.85 where it currently trades. AUDIO is 32.5% down from its Mar. 27 all-time high of $4.95 according to CoinGecko.
Obscure altcoins pumping on Upbit
Crypto trader “Haska” commented on the spikes in obscure altcoins with KRW pairings:
“BTC is 4% of Upbit Volume. Top 3 coins which make up 30% are coins you’ve never heard of. Nobody outapes our Korean brothers.”
At the time of press, Humanscape’s HUM token had skyrocketed 72% on the day, digital content distribution platform BORA had quite a bit of volume but prices were falling, and Mossland’s MOC had dumped all gains following a 30% pump a few hours ago.
According to CoinGecko, Upbit ranks second only to Binance in terms of normalized 24-hour volume which is currently $16 billion.
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