Upbit Lists 4 New Altcoins, Pocket Network Leading With Nearly 600% Gain
South Korea's largest cryptocurrency exchange, Upbit, has just announced the listing of four new altcoins on its spot trading platform, causing a strong price surge shortly after the announcement. Notably, Pocket Network (POKT) led the bullish wave with a remarkable increase, reaching nearly 600% in just a few minutes.
Listings: FLOCK, FORT, POKT, and LPT
According to the official announcement from Upbit, the four listed tokens include:
Flock.io (FLOCK)
Forta (FORT)
Pocket Network (POKT)
Livepeer (LPT)
Trading pairs include BTC, USDT, and KRW, depending on the respective token and network. Trading will open on May 30, Korean time (KST):
FLOCK: starts at 15:00 KST on BTC and USDT markets (Base network).
FORT: opens at 16:00 KST on BTC and USDT markets (Ethereum network).
LPT: listed at 17:00 KST on KRW and USDT (Ethereum) markets.
POKT: officially listed at 19:00 KST on KRW markets, using Pocket Network's native blockchain.
Upbit also emphasized that users need to verify the network correctly before sending assets to avoid the risk of unsupported loss.
Market reaction: POKT explodes nearly 600%
Immediately after the announcement, the market reacted strongly. POKT recorded a 592% increase in just a few minutes, raising its market capitalization from $25 million to nearly $97 million. Despite a subsequent correction, the token still maintained an impressive increase of nearly 400% at the time of update.
Other altcoins also recorded significant gains:
FLOCK: increased sharply by 49.3%, currently stable at 30.9%
LPT: recorded a 41.5% increase, then adjusted to 29.5%
FORT: initially increased by 26.8%, but then decreased sharply, only increasing slightly by 2.3%
Market Trend: Every Listing Makes Waves
This listing continues to affirm Upbit's significant influence on the altcoin market, especially when the token is listed on the KRW pair in Korea - a capital market famous for its high speculation and strong liquidity.
Last week, Upbit’s listing of a slew of altcoins such as MANTRA (OM), Access Protocol (ACS), GoChain (GO), Observer (OBSR), and Quiztok (QTCON) also created a similar surge, clearly reflecting the increasingly popular “pump-and-dump” model of listings.
Conclusion
The listing of FLOCK, FORT, POKT, and LPT on Upbit once again demonstrates the powerful impact that major exchanges have on the market value of altcoins, especially in the context of abundant liquidity and high speculative sentiment. Investors should keep a close eye on future listing announcements, as this could be an attractive short-term opportunity – but also carries the risk of a sharp correction after the fever passes.