Significant Price Surge on Upbit Listing
VIRTUAL, the native token of the innovative AI agent generator platform, Virtuals Protocol, experienced a remarkable surge during European trading hours. This spike was triggered by the announcement from Upbit, South Korea’s premier cryptocurrency exchange, regarding the listing of the token.
Details of the Price Climb
The price of VIRTUAL skyrocketed by 28%, reaching $2.61. This increase brought the token close to the downtrend line that has characterized its sell-off since its record high of approximately $5.25 on January 2. Data from TradingView and CoinDesk reflects this upward trend, demonstrating the token’s newfound momentum.
Accessibility to South Korean Traders
The surge in price can be attributed to Upbit’s decision to introduce several trading pairs for VIRTUAL, including VIRTUAL/KRW, VIRTUAL/USDT, and VIRTUAL/BTC. This strategic move has opened the doors for savvy South Korean altcoin traders, allowing them to engage with the token in a robust market.
Token Buyback Program Enhances Demand
Earlier this month, Virtuals Protocol announced an ambitious buyback program aimed at enhancing the value of its ecosystem. The platform revealed plans to repurchase and destroy ecosystem agent tokens, utilizing nearly 13 million VIRTUAL tokens accumulated from post-bonding trading income. This initiative is expected to further boost demand and support the token’s price.
Expansion and New Developments
Virtuals Protocol is not resting on its laurels. The protocol, which is based on the Base network, has recently expanded its reach to the Solana blockchain through LayerZero technology. This expansion includes the launch of a Meteora pool designed to enhance trading activity and user engagement. Additionally, the protocol is creating a SOL reserve by converting 1% of trading fees to SOL, which will further solidify its position in the market.
Conclusion
The recent developments surrounding VIRTUAL, particularly the Upbit listing and the strategic initiatives by Virtuals Protocol, are setting the stage for continued growth and interest in this token. As it captures the attention of South Korean traders, the future of VIRTUAL looks promising.
