VeThor Token (VTHO) Soars 230% After Upbit Listing, Driving Market Surge Amid Crypto Downturn

South Korea’s largest cryptocurrency exchange, Upbit, announced the listing of VeThor Token (VTHO), igniting a surge in both price and trading volume. The token is now supported in both the KRW and USDT markets, with trading starting at 8 PM and 9 PM South Korean time, respectively.

The listing sparked an immediate rally, with VTHO’s price soaring by 230%, hitting $0.01, a level unseen since November 2021. Although the token has since stabilized at $0.005, it remains up by 125% in the last 24 hours, marking a significant rebound. Trading volumes have surged by a staggering 5000%, reaching $230 million.

This sharp price increase is even more notable considering the broader cryptocurrency market is experiencing a downturn, with its total market cap dropping by 1.15% to $3.59 trillion. In response to the volatility, Upbit imposed restrictions during the initial trading period, including buy order limits for five minutes and restrictions on sales below 10% of the previous closing price. Additionally, only direct limit orders were allowed in the first hour of trading.

Despite the market fluctuations, VeThor Token’s market capitalization skyrocketed from $191.7 million to nearly $800 million shortly after the announcement—an increase of over 300%. Currently, its market cap stands at $477 million, reflecting continued interest despite the recent price correction.

VTHO’s impressive rise highlights the excitement around new listings on major exchanges like Upbit. VeThor Token plays a pivotal role in the VeChain ecosystem, acting as the primary medium of payment for transactions and smart contract execution on the VeChainThor blockchain. As part of VeChain’s bi-token model, VTHO complements VeChain’s native token, VET, which ranks 35th in the cryptocurrency market, while VTHO is positioned at 147th.

Also Read: Crypto Gem Alert: VeThor Token (VTHO) Primed for Explosive Growth, Price Target: $0.0893 by 2025

This surge in interest underscores VTHO’s potential as a key player within the blockchain ecosystem and its growing role in the broader 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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