The listing of the DRIFT token on South Korea's largest cryptocurrency exchange, Upbit, led to a sharp rise in its value. DRIFT, the native token of the Solana-based decentralized exchange Drift, surged in price by over 500%.
Trading for DRIFT Starts on Upbit
Seoul-based Upbit exchange opened trading for the DRIFT token. Users can now buy and sell DRIFT, making it accessible to a wider audience.
Rise of the DRIFT Token
Since its launch in May, DRIFT has experienced significant value appreciation. Support from Coinbase and a major investment from Multicoin Capital in September have accelerated its rise. On Friday, the DRIFT token reached a record high of $2.60, rising from $0.51 on November 8, and is currently trading around $1.98.
Significance of Listing and Future Outlook
Listing DRIFT on exchanges like Upbit increases its liquidity and draws attention in the crypto market. Drift Protocol's advanced risk management and capital efficiency features are appealing factors for users. The future performance of the DRIFT token seems contingent on market conditions and upcoming innovations by the Drift Protocol.
DRIFT is marked prominently within the Solana ecosystem, and its addition to Upbit creates new opportunities for users and enhances its accessibility.
