In addition to Upbit, VIRTUAL has been listed on major platforms including Bithumb, Bybit, and KuCoin, bolstering its accessibility for both South Korean and global investors.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
3 mins read
Upbit, South Korea’s largest cryptocurrency exchange, has announced its plans to list VIRTUAL VIRTUAL $0.55 24h volatility: 9.0% Market cap: $360.22 M Vol. 24h: $141.91 M , the native token of the Virtuals Protocol, a blockchain project focused on artificial intelligence (AI) and metaverse applications.
According to an announcement on Friday, January 31, the exchange will support trading pairs for VIRTUAL against the Korean won (KRW), Bitcoin BTC $83 269 24h volatility: 2.5% Market cap: $1.66 T Vol. 24h: $27.39 B , and Tether USDT $1.00 24h volatility: 0.0% Market cap: $144.36 B Vol. 24h: $45.58 B , expanding the token’s accessibility to South Korean investors. VIRTUAL serves as both the utility and governance token for the Virtuals ecosystem. The token will be available on the platform on Jan. 31 at 20:00 KST within the price range of 2,971 Korean won ($2.04) to 2,984 Korean won ($2.05).
Buoyed by the news of the listing announcement, VIRTUAL saw a sharp 28% increase, CoinDesk reported. However, the rally has since cooled, with the token trading around $2.40 at press time, marking a 13% gain in the past 24 hours.
The listing follows a strong performance by VIRTUAL over the past few months. The token entered the top 100 cryptocurrencies in November 2024 after surpassing a $1 billion market capitalization for the first time. The trend continued and within 24 hours, the market cap grew by 50% reaching as high as $1.78 billion.
Are you keeping an eye on the @virtuals_io Protocol Ecosystem coin category? 👀
Its market cap soared by 50.4% today, reaching $1.78B, as $VIRTUAL surpassed a $1B market cap yesterday.
Check it out ➡️ https://t.co/KC5yoepZW3 pic.twitter.com/v0EbkmxCR5
— CoinGecko (@coingecko) November 29, 2024
The bullish trend continued into January 2025, when VIRTUAL hit an all-time high of $5.25 before experiencing a pullback.
However, the listing on Upbit is expected to bolster the token’s growth. The exchange controls a significant percentage of the South Korean market. Meanwhile, the company is not the only exchange to list VIRTUAL. In November 2024, Bithumb a South Korean exchange also added support for the digital asset for trading.
Beyond South Korea, VIRTUAL is accessible on international platforms such as Bybit and KuCoin, enhancing its global reach.
The Virtuals Protocol has implemented a strategic buyback-and-burn program to enhance the value of its ecosystem tokens. This initiative involves utilizing revenues generated by AI agents within the platform to repurchase and permanently remove tokens from circulation, thereby reducing supply and potentially increasing the value of the remaining tokens.
The initiative involves utilizing revenues generated by AI agents within the platform to repurchase and permanently remove tokens from circulation, thereby reducing supply and potentially increasing the value of the remaining tokens.
As of January 15, 2025, the protocol announced the accumulation of approximately 12,990,428 VIRTUAL tokens (valued at around $48 million at that time) through post-bonding transaction fees since October 16.
These funds are allocated to repurchase 25 types of AI agent tokens launched on its platform. The repurchased tokens are then burned, effectively decreasing their total supply.
The buyback process is conducted over a 30-day period, utilizing a time-weighted average price to ensure fair market value. Notably, the largest burns are planned for tokens such as GAME (1.6 million tokens), CONVO (1.1 million tokens), and AIXBT (880,000 tokens).
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.
