South Korea's Upbit cryptocurrency exchange added the CYBER token to its platform, resulting in a notable increase in its market value following the announcement.
Features of CYBER Token
The CYBER token is designed for governance and operations within the Cyber chain. It supports multiple chains and utilizes LayerZero's OFT token standard, enabling seamless cross-chain transactions. The Cyber chain is distinguished by its integration of social elements and AI-driven tools. Built on the OP Stack, it features EVM-based applications and modular development capabilities, enhancing its functionality and appeal.
Structure of CYBER Trading Launch
Prior to the Upbit announcement, the CYBER token had already gained traction on platforms such as Binance, Bitget, and Bithumb. However, its introduction on Upbit significantly increased its market presence and visibility. The exchange announced CYBER's availability for trading against the Korean Won and Tether (USDT), with transactions exclusively supported via the Ethereum network. "If a certain level of liquidity is not achieved after the announcement, the start time for trading support may be postponed," Upbit officials informed.
Market Impact After Launch
Following Upbit's announcement, the price of CYBER experienced a dramatic increase, rising from approximately $1.8 to over $5, marking a 133% growth. The market capitalization also saw significant expansion, transitioning from $80 million to about $170 million, making CYBER the top performer on CoinGecko. "After the news was released, Koreans experienced a significant spike in CYBER’s price in a very short time," remarked a market observer. In conjunction with this price jump, the daily trading volume for CYBER skyrocketed to $251 million—a 524% increase from previous levels.
The addition of the CYBER token on the Upbit platform has highlighted the significant influence of exchange decisions on cryptocurrency asset fluctuations, potentially altering short-term investor behavior and impacting market dynamics.
