Upbit’s announcement of VTHO listing triggered a 230% price surge to $0.01, levels unseen since November 2021.
The token is currently trading at $0.005, up by 125% in the past day.
VTHO’s 24-hour trading volume skyrocketed by 5000%, reaching $230 million.
South Korea’s largest cryptocurrency exchange Upbit the listing of VeThor Token on January 21, driving a sharp surge in the token’s price and trading activity. The exchange confirmed support for VTHO in both the KRW and USDT markets, and the trading began at 8 PM and 9 PM South Korean time, respectively.
The announcement immediately sparked a frenzy among traders, pushing VTHO price up by 230% to $0.01, a level it had not reached since November 2021. Though it has since stabilized at $0.005, the token remains up by an impressive 125% in the past 24 hours. Trading volumes have exploded, with VTHO seeing a 5000% increase to $230 million.
This surge is more remarkable as the overall crypto market is bleeding red, with its total market cap facing a 1.15% drop to $3.59 trillion.
Upbit’s listing included specific restrictions to manage volatility and prevent price manipulations during the initial listing period. For five minutes after trading commences, buy orders were limited, and sales below 10% of the prior closing price were restricted. Additionally, all order types except direct limit orders were unavailable for the first hour.
Upbit also issued a caution to traders, advising them to ensure deposits align with the VeChain network to avoid issues, as deposits or withdrawals through other networks will not be supported.
VTHO Skyrockets
VTHO’s market capitalization surged from $191.7 million to nearly $800 million in the hours following the announcement, marking a dramatic increase of over 300%. As of now, its market cap stands at $477 million, reflecting strong interest despite the partial price correction.
This listing has provided a much-needed boost for VTHO, which had traded within a narrow range of $2.8 million to $6 million in market capitalization over the past week. The sudden spike in value underscores the market’s enthusiasm for new on prominent exchanges like Upbit.
VeThor Token’s Role in the VeChain Ecosystem
The VeThor Token is a key component of the VeChainThor blockchain, a public blockchain designed to facilitate supply chain management and other business-oriented applications. VTHO, introduced as part of VeChain’s 2018 rebranding, serves as the network’s primary medium of payment and represents the cost of executing transactions and smart contracts on the platform.
VeChain employs a bi-token model, with VeChain (VET) acting as the native token for the ecosystem and VTHO handling operational transactions. At the time of writing, VET and VTHO sit at the 35th and 147th positions in the list of the largest cryptocurrencies, respectively.
