Upbit, one of South Korea's largest exchanges, has announced the listing of the CYBER token, leading to a significant increase in its price and market activity.
CYBER Token: Key Features
The CYBER token is designed for governance and use within the Cyber chain. It supports multiple chains and leverages LayerZero's OFT token standard, facilitating cross-chain transactions. The Cyber chain aims to invigorate its ecosystem by integrating social dynamics and artificial intelligence tools, and it is built on the OP Stack. CYBER stands out with EVM-based applications and modular development capabilities.
Upbit's Official Statement and Trading Start
Upbit's official statement indicated that CYBER would be available for trading against both the Korean Won and Tether (USDT). Trading is set to start at 5:00 PM Korea Standard Time, emphasizing the need for sufficient liquidity to initiate trading.
> “If a certain level of liquidity is not achieved after the announcement, the start time for trading support may be postponed,” Upbit officials informed.
Impact on Prices and Trading Volume
Following Upbit's announcement, there was a significant surge in demand for CYBER. The price jumped from approximately $1.8 to over $5, marking a 133% increase. This level was observed for the first time since December 2024.
> “After the news was released, Koreans experienced a significant spike in CYBER’s price in a very short time,” remarked a market observer.
This rapid increase propelled CYBER’s market capitalization from $80 million to around $170 million. According to current data, it became the top-performing cryptocurrency of the day on the price tracking platform CoinGecko. Meanwhile, investor activity surged significantly, with CYBER’s daily trading volume rising to $251 million, recording a 524% increase. This intense interest highlighted the token within the cryptocurrency community.
The listing of the CYBER token on Upbit created substantial effects on price and trading volume in a short period. Statements from the exchange appeared to influence investors’ short-term decisions. Market experts assess that such announcements from exchanges can lead to abrupt fluctuations in crypto asset values.
