Upbit announced the addition of JTO to its KRW market, with trading commencing at 14:30 local time, on Fenruary 21.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
3 mins read
JTO JTO $2.40 24h volatility: 6.6% Market cap: $742.20 M Vol. 24h: $47.96 M , the native token of the Solana-based blockchain project Jito, experienced a significant surge in value, climbing nearly 30% following its recent listing announcement from Upbit, one of South Korea’s leading digital asset exchanges.
According to data from CoinMarketCap, the token surged briefly to $3.50, making a 30% increase from the previous day before retracing to a low of $2.64. However, the price had since bounced back with JTO trading around $3.36 at press time.
Upbit’s decision to list JTO has expanded the token’s accessibility to a broader audience, potentially contributing to its price appreciation. As one of the leading crypto exchanges in South Korea, the company controls up to 80% of the market share, exposing the token to a massive user base.
Upbit said the digital asset will start trading on the exchange at approximately 14:30 local time under the pair JTO/KRW. The digital asset is supported only on Solana. The exchange warned users that deposits and withdrawals through other networks are currently not available.
The listing of the token on the KRW market comes with certain restrictions. According to the exchange, all order types except limit orders will be restricted for about an hour after trading support begins. Additionally, the company has imposed a 5 minute restriction on sell orders.
With this trading support, JTO has now joined other major cryptocurrencies such as Bitcoin BTC $88 305 24h volatility: 0.2% Market cap: $1.75 T Vol. 24h: $30.48 B , Ethereum ETH $2 080 24h volatility: 0.2% Market cap: $250.77 B Vol. 24h: $12.42 B , and Solana SOL $145.5 24h volatility: 2.2% Market cap: $74.32 B Vol. 24h: $4.17 B which are already trading on Upbit. The company has about 233 digital assets listed on its spot market.
As a prominent cryptocurrency exchange in South Korea, Upbit’s ecosystem encompasses its primary trading platform, an NFT marketplace known as ‘Drops’, and staking services.
Meanwhile, the company is not the only centralized exchange to have added support for the JTO token. The digital asset has been trading on Bybit since December 2023 under the JTO/USDT pair.
The digital asset is available on the company’s spot market. Apart from Bybit, other exchanges like KuCoin, Kraken, Gate.io, and Mexc Global.
Since its launch in November 2023, the JTO has demonstrated remarkable growth. Serving as the utility and governance token for the Jito project, JTO has achieved a market capitalization of approximately $803.24 million, according to data from CoinMarketCap.
The token’s 24-hour trading volume stands at $62.46 million at the time of writing, reflecting a notable increase in trading activity. This surge in volume indicates heightened interest and engagement from the crypto community since the Upbit announcement.
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.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
