South Korea’s leading cryptocurrency exchange, Upbit, announced the listing of the Drift token. This announcement captured attention, resulting in the price of DRIFT doubling and reaching a new all-time high.
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DRIFT Token Listing
Potential in the DeFi Sector
DRIFT Token Listing
On November 8th, Upbit officially listed the DRIFT token. Users can trade the token in pairs with KRW, BTC, and USDT. Additionally, the exchange informed users that deposit and withdrawal transactions are only supported through the Solana 
$198 network.
Following the listing, the price of DRIFT increased by 100% within 24 hours, achieving a new all-time high. The lowest and highest prices during the day were recorded at $0.4746 and $0.9747, respectively. Furthermore, the trading volume of DRIFT surged by 1000% in just 24 hours, highlighting strong investor interest.
Potential in the DeFi Sector
Drift Protocol has made significant strides in the DeFi sector as an open-source decentralized exchange on Solana. The listing of DRIFT on Upbit followed its successes on major platforms like Coinbase. With the ability to conduct futures trading, Drift Protocol aims to attract a broad audience, particularly in the growing Asian market.
Recent listings on Upbit play a pivotal role in increasing the visibility of new crypto assets like DRIFT. Other tokens like SAFE also experienced an 88% increase following their listing on Upbit. This situation underscores the effectiveness of listings on major platforms in enhancing the market appeal of tokens. Additionally, being Asia-centric means that these tokens provide more liquidity in an environment with limited alternatives for local investors.
However, derivative market data indicates that open positions for DRIFT have decreased by 8% in the last four hours, suggesting a waning interest in futures trading as investors take profits. While this may imply that the price surge may not last long, it remains possible for DRIFT to continue recovering from the $0.70 support level.
The listing of the Drift token on Upbit not only created a significant impact on cryptocurrency markets but also reinforced its potential in the DeFi sector. This development once again highlights the importance of listing crypto assets on major exchanges in attracting investor interest.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.