Moonbeam’s GLMR Token Surges 56% on Upbit Listing News

Published by

Elena R

September 25, 2023

Despite the sideways movement in the crypto market, a big rally is expected in the last quarter. DeFi is also likely to see a boost. Moonbeam, a Polkadot-compatible smart contract platform, is gaining attention for its interoperability efforts. Today, we’ll delve into GLMR’s potential.

GLMR, Moonbeam’s native token, has shot up by an impressive 56% in the last 24 hours, trading at $0.2601 on various platforms. This surge is creating a buzz in the altcoin market, especially since it comes after the announcement that South Korean exchange Upbit will be listing GLMR with BTC trading pairs.

Potential Listing Sparks Excitement

The market is buzzing with the news that Upbit, a major South Korean cryptocurrency exchange, may list GLMR, the native token of Moonbeam Network, as part of its efforts to expand its range of digital assets. This is a great moment for the coin as this will open the global market for the token.

Moonbeam Network, operating within the Polkadot ecosystem, aims to create a user-friendly smart contract platform akin to Ethereum’s Virtual Machine (EVM), focusing on fast and secure network operations. GLMR plays a vital role in Moonbeam Network, serving various functions, including transaction fee payments and staking participation.

Surprisingly, Upbit’s announcement made one thing clear: GLMR deposits will be accepted exclusively via the Moonbeam network, projecting a strong dedication to providing users with access to promising blockchain projects while implementing safety protocols like initial buyouts, order limits, and price restrictions during the initial trading phase.

GLMR’s Price Analysis

The announcement has had an instant impact on GLMR’s price, which had stayed below the $0.2 mark for weeks. Over the last 24 hours, GLMR has surged by an impressive 51.33%, reaching $0.2506, with its market cap increasing by 51.78% to $186.63 million. Its trading volume has also been boosted by 1512.64%, reaching $42.37 million.

With this development, it remains to be seen whether there will be more adoptions as the market recovers. The crypto space is now keenly observing the potential impact of this listing on GLMR’s future and the current bear market. Users on Upbit are anticipating the opportunity to engage with this exciting development as deposits open soon.

Also Read: Top 3 Events to Watch This Week: Could Bitcoin’s Price Breakout Soon?

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.