Upbit Revealed Jupiter's New Trading Support; Here are The Details
- Upbit has announced trading support for Jupiter coin with Korean Won, Bitcoin, and Tether pairs.
- The listing has led to a price surge for JUP, showcasing Upbit's market influence.
- Upbit continues to expand its trading platform, reinforcing its status as a top exchange.
Upbit's Market Influence Evident in Jupiter Coin's Price Surge
On July 4, Upbit, South Korea’s most trusted global standard digital asset exchange announced new digital asset trading support for Jupiter (JUP) coin. As per the new guidelines, individuals can trade JUP with three different trading pairs including Korean Won (KRW), Bitcoin (BTC), and Tether (USDT).
Deposit and withdrawal for the new trading pairs will begin on July 4 whereas transaction support was scheduled for 6:00 PM on July 4th. Moreover, deposits and withdrawals are only supported through the guided network (JUP-Solana). Similarly, the exchange also broadcasted details on buy limits, sell prices, and market and reservation orders.
Source: Upbit
As per the notice, buy orders are restricted for approximately 5 minutes after trading support, and sell orders at prices less than 10% of the previous day's closing price are restricted for approximately 5 minutes after trading support. Also, market and reservation orders are restricted for approximately 1 hour after trading support.
Within a few hours, the announcement spiked JUP's price from $0.7457 to $0.8092 before dropping to $0.7983 at press time. In the past 7 days, the coin surged by 3.63% and has a market cap of $1,079,230,943 and $217,368,610 in 24-hour volume. However, the coin did not receive as much attention as the Bounce Token (AUCTION) did when Upbit announced its trading support.
Recalling Upbit's Previous Decisions and Market Standing
On May 29, the digital asset exchange introduced AUCTION’s trading support with the KRW trading pair, available over the Ethereum (ETH) network. After the update, the AUCTION price surged by 43.92% in a day and is currently trading at $14.82 with a market cap of $96,303,320 and $25,413,386 in 24-hour volume.
On June 14, the exchange listed Ondo Finance (ONDO), the native token of the real-world asset (RWA) tokenization project which surged the token price from $1.39 to $1.21 in a single day. At the time of writing, the token was trading at $1.09, after a 4.48% drop in a day.
Similarly, the exchange listed the Oasys (OAS) token on May 23 which led Upbit’s coin support to 204, supporting 347 trading pairs. According to CoinGecko data, Upbit holds a trust score of 9/10 with $1,368,017,100 in 24-hour trading volume. Moreover, the exchange has 9.53 Million monthly visits.
Conclusion
Upbit's recent addition of JUP to its trading platform has had a noticeable impact on the cryptocurrency's price, demonstrating the exchange's influence in the digital asset market. While the immediate response to JUP's listing did not match the fervor seen with AUCTION, the move is indicative of Upbit's ongoing strategy to expand its offerings and maintain its position as a leading exchange.
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