Upbit’s Bitcoin Paired GLMR Listing Triggers a 45% Price Surge
In Brief
Upbit’s announcement to list GLMR sparked a 45% surge in the asset’s price to $0.23, with deposits opening soon exclusively on the Moonbeam Network.
South Korean exchange Upbit, declared its intention to enlist GLMR for trading, paired with Bitcoin. In response to the announcement, GLMR’s price swiftly surged to $0.23 approximately, marking a impressive 24-hour increase of over 45%.
Upbit said that deposits for GLMR will commence within three hours of the announcement, exclusively supporting Moonbeam Network deposits. However, deposits made via networks like BSC will not receive support, ensuring security and regulatory compliance.
Transaction Details and Limitations
Scheduled to launch on September 25, 2023, at 18:00, the new digital asset will have specific limits for a secure, stable trading environment. Initial trading will see buy orders limited for the first five minutes and market price and pre-orders constrained for the initial hour.
This approach aims to mitigate potential losses amid the expected sharp price fluctuations at the onset of transactions.
GLMR functions as a native token for Moonbeam, a Polkadot parachain project. The initiative aims to develop into a comprehensive smart contract platform, mirroring the EVM environment. GLMR tokens find use in various capacities, from paying transaction fees and participating in staking to acting as a payment method for on-chain transactions and governance within the Moonbeam ecosystem.
신규 디지털 자산 문빔(GLMR) 거래지원 안내
— Upbit Korea (@Official_Upbit) September 25, 2023
✅ 지원 마켓: BTC 마켓
📅 거래지원 개시 시점: 2023-09-25 18:00 예정
🔗공지 바로가기:https://t.co/Po0pX5Apg8#Upbit #GLMR pic.twitter.com/xG1wzrtodx
Upbit Caveats for Investors
Given the scenario, investors should proceed with caution. Investments in digital assets like GLMR are prone to sudden price fluctuations. These changes are often driven by speculative demand and shifts in regulatory landscapes, both domestically and internationally.
Upbit underscored the importance of investor responsibility. The exchange emphasized the critical role of decision-making and handling potential losses. Upbit urges investors to thoroughly review and understand the asset before investing.
Disclaimer
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
