tl;dr
Upbit, South Korea’s leading cryptocurrency exchange, announced the listing of MANTRA (OM) on May 21, following a major price crash that wiped out $5.5 billion in market capitalization. The listing triggered a 15.7% surge in OM’s price and a 154.4% increase in trading volume. MANTRA’s CEO responded ...
Upbit, South Korea’s premier cryptocurrency exchange, has recently listed MANTRA (OM) alongside five other altcoins, sparking notable price surges and heightened trading volumes. The listing of MANTRA (OM) followed a dramatic 90% price crash that wiped out $5.5 billion in market capitalization, triggering a 15.7% price rebound and a 154.4% surge in trading activity.
In a decisive move to restore confidence, MANTRA’s CEO announced plans to burn a total of 300 million OM tokens, including his entire allocation of 150 million team tokens, aiming to reduce circulating supply and support price recovery.
Alongside MANTRA, Upbit introduced trading for Access Protocol (ACS), GoChain (GO), Observer (OBSR), Quiztok (QTCON), and Rally (RLY) in USDT pairs. The market responded enthusiastically, with GO and RLY posting rapid double-digit gains immediately after the announcement—peaking at 105.8% and 136.3% respectively—before moderating to sustained gains of 52.1% and 21.8%.
The other tokens also saw positive movement: ACS increased by 12%, OBSR by 6%, and QTCON by 18%, reflecting growing investor interest and optimism. These gains, although tempered by corrections, underscore Upbit’s strong influence on altcoin market dynamics.
Supporting over 240 coins with a robust trust score of 8/10, Upbit commands a 24-hour trading volume of $1.81 billion, cementing its role as a pivotal player in cryptocurrency trading. The addition of new trading pairs in KRW, BTC, and USDT markets further broadens market access and liquidity for the listed tokens, fostering active trading environments.
This sequence of strategic listings and corporate actions illustrates a broader trend in crypto markets where exchanges leverage new listings to stimulate trading activity, while projects undertake supply management measures like token burns to regain investor trust after sharp downturns.