Aethir (ATH), a prominent player in the Decentralized Physical Infrastructure Network (DePin) sector, experienced a meteoric rise today, surging by 35% following its listing on South Korean crypto giants Upbit and Bithumb. The token commenced trading at 06:00 UTC, igniting fervent activity among investors.
The listing on Upbit and Bithumb marks a significant milestone for ATH, granting it exposure to one of the world’s most active cryptocurrency markets. Both exchanges have introduced ATH trading pairs against the South Korean Won (KRW), with Upbit additionally offering a Bitcoin (BTC) pair. To facilitate smooth trading, withdrawal fees have been waived for the first 24 hours post-listing.
However, amid the excitement, both exchanges implemented measures to stabilize the market. A brief buying freeze was imposed at the outset, followed by restrictions on sell orders exceeding 10% below the previous day’s closing price. These precautions are standard operating procedure for newly listed assets, designed to prevent extreme price fluctuations.
Compliance with South Korea’s stringent Travel Rule for digital assets is mandatory for ATH transactions. This regulation ensures that only verified personal wallets are used, and both exchanges have emphasized that ATH deposits must be made exclusively on the Ethereum network.
The immediate aftermath of the listing saw ATH’s price skyrocket to $0.087 before retracing to $0.072, showcasing the volatility inherent in newly listed assets. Since mid-June, the token has traded within a range of $0.057 to $0.087. A successful breach of the $0.087 resistance level could propel ATH towards its all-time high of $0.146. Conversely, a failure to break this resistance may result in continued consolidation.
Aethir’s dominance in the decentralized GPU sector is a key driver of its performance. According to crypto researcher Aylo, “Aethir is currently leading the decentralized GPU sector. It’s a very competitive category, but if we take a look at Aethir’s numbers, it’s clear they are the most profitable GPU DePin on the market.”
The company’s July earnings report highlighted $36 million in annual revenue and consistent 10% month-over-month growth, fueled by increasing demand from AI and gaming industries for its Platform-as-a-Service (PaaS) offerings.
Despite its impressive growth, questions linger about the sustainability of Aethir’s business model. As Aylo cautioned, “No DePin project has truly proven themselves over the long run yet, so clearly there are many risks involved here.”
The coming weeks will be crucial for ATH as it seeks to consolidate its gains and demonstrate the longevity of its business model. Investors will be closely watching to see if the token can sustain its upward momentum or if it will succumb to the pressures of the volatile cryptocurrency market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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