Upbit, South Korea’s largest cryptocurrency trade, has introduced as we speak the itemizing of Story (IP), the native token of the Story Protocol.
The announcement has sparked a major double-digit surge within the token’s worth. It additionally made IP the highest trending coin on CoinGecko.
Story (IP) Secures Upbit Itemizing
For context, Story Protocol is a layer 1 blockchain that simplifies mental property administration by enabling on-chain registration and enforcement of utilization phrases. It creates a clear, decentralized IP repository the place customers can simply transact and monetize IP.
In response to Upbit’s official discover, IP will likely be accessible for buying and selling in opposition to three belongings: Korean Gained (KRW), Bitcoin (BTC), and Tether (USDT). The asset will go reside to commerce at 13:00 Korean Normal Time (KST).
The trade notified customers that deposits and withdrawals, facilitated completely by the IP-Story community, will open inside 90 minutes of the announcement. Upbit emphasised the significance of verifying the community earlier than depositing, as transactions by way of unsupported networks won’t be processed.
Moreover, to take care of market stability, Upbit has launched short-term buying and selling restrictions. It is going to cap purchase orders for the primary 5 minutes and block promote orders under 10% of the day before today’s closing worth throughout the identical interval. Lastly, the trade will solely permit restrict orders for the primary two hours of buying and selling.
“To adjust to the Journey Rule, if belongings are deposited into Upbit from an trade not included within the checklist of digital asset enterprise operators for deposit/withdrawal, they can’t be processed, and returns might take a very long time,” the discover learn.
The itemizing has pushed outstanding market exercise. IP skilled a 16.13% rise. The token’s worth elevated from round $6.2 to $7.2.
The altcoin shed some of its positive factors to commerce at a press time worth of $6.8, up 10.58% because the announcement. Up to now 24 hours, IP’s worth has grown by 15.9%, making it the second-highest high gainer on CoinGecko.
Furthermore, buying and selling exercise additionally surged. IP’s buying and selling quantity pumped 346.7%, reaching $169 million. This indicated heightened investor curiosity.
The newest rise is a part of a broader uptrend. IP has been present process a bullish rally. Over the previous month, the token’s worth has soared by 127.9%, outperforming the broader crypto market, which has seen a 15.9% rise.
The token has additionally gained substantial institutional curiosity. On July 31, asset supervisor Grayscale launched a Story Belief. The Grayscale Story Belief presents traders regulated publicity to IP.
“By reworking mental property and real-world information into totally programmable on-chain belongings, Story is laying the foundational infrastructure for the worldwide mental property economic system, which has been reported to be price as a lot as $80 trillion,” Grayscale famous.
Thus, all of the elements are fairly optimistic for the IP token. Because the broader bull run continues, its efficiency within the crypto market will likely be price watching.
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