The hype around its listing on Upbit has sent CoW Protocol native coin soaring by more than 50%.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
The price of COW COW $0.32 24h volatility: 2.3% Market cap: $134.94 M Vol. 24h: $37.30 M , the native digital asset of CoW Protocol, is up over 50% on the daily chart. This outstanding surge comes as South Korean exchange Upbit announced plans to list COW on its platform on February 25.
Upbit revealed its intent to list the COW token in a recent notice. According to the details, COW will go live on the Upbit platform at approximately 20:30 KST. Once the token goes live on Upbit, users can trade it on the Korean won, Bitcoin BTC $87 630 24h volatility: 0.5% Market cap: $1.74 T Vol. 24h: $19.17 B , and Tether’s USDT $1.00 24h volatility: 0.0% Market cap: $144.15 B Vol. 24h: $44.61 B markets.
Deposits for COW on Upbit will begin at 19:30 KST. However, certain order types will receive restrictions for some time after trading support begins. Notably, buy and limit orders for COW will be restricted for five minutes and one hour, respectively. On the other hand, sell order prices will maintain a 10% minimum less than the previous day’s closing price.
Meanwhile, Upbit’s announcement to list COW has helped to spark investors’ interest in the token, as indicated by the soaring prices within a few minutes of Upbit’s announcement.
COW increased by 50.6%, reaching a peak of $0.46. This surge is noticeable considering COW closed the previous day at around 418 Korean won or $0.29.
According to CoinMarketCap data, COW price was trading at $0.4961 as of this writing, up 54.4% in the last 24 hours. Amazingly, the daily trading volume rose over 2460% in the last 24 hours, indicating rising investors’ interest in COW.
The COW token is used for governance with the decentralized trading CoW Protocol. CoW primarily functions as an intent-based aggregator. It offers features like Remote Procedure Call solutions, maximum extractable value blockers, and Automated Market Makers.
Upbit, one of South Korea’s leading crypto exchanges, is a major force in the digital asset space. Upbit’s announcement to list COW comes just a few days after the exchange listed JTO on its platform. Like COW, Upbit’s decision to list JTO expanded the token’s accessibility to a broader audience. This contributed to its price increasing by over 30% at the time.
Following JTO’s inclusion on the platform, Upbit said it supports over 233 digital assets on its spot market. These include major cryptocurrencies like Bitcoin (BTC), Ethereum ETH $2 016 24h volatility: 0.5% Market cap: $243.34 B Vol. 24h: $10.37 B , and Solana SOL $139.7 24h volatility: 1.6% Market cap: $71.45 B Vol. 24h: $3.18 B . As a result, Upbit now controls over 80% of South Korea’s market share.
Despite Upbit’s rising prominence, the exchange faces regulatory challenges in South Korea. According to reports from Coinspeaker, South Korea’s Financial Intelligence Unit (FIU) recently hit the exchange with a partial business suspension.
The markets regulator accused Upbit of violating South Korean laws prohibiting exchanges from processing transactions involving unregistered crypto asset service providers (CASPs). Despite this regulatory challenge, according to CoinMarketCap data, Upbit remains the fifth largest crypto exchange by trading volume.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
