CYBER token surges 133% after Upbit listing sparks trading frenzy

The CYBER token has made headlines after its price skyrocketed 133% in a matter of hours, driven by a high-profile listing on Upbit, one of South Korea’s largest cryptocurrency exchanges. The sudden price surge and spike in trading activity have placed CYBER among the most-watched digital assets in the market today. Upbit listing triggered a price breakout On August 12, 2024, Upbit announced the addition of CYBER/KRW and CYBER/USDT spot trading pairs. Trading began at 08:00 UTC for both pairs, with an emphasis on liquidity requirements before full market launch. By 17:00 KST, CYBER trading was in full swing. The listing instantly expanded CYBER’s accessibility, allowing South Korean traders to purchase the token directly using the Korean Won. International investors also gained more straightforward access through the USDT pair, eliminating the need for intermediate conversions and associated costs. Market analysts note that listings on major exchanges often act as catalysts for rapid price gains, and CYBER’s reaction fits this pattern. Within hours, the token’s price climbed from approximately $1.80 to over $4.33, marking its highest level in nine months. Source: Coingecko CYBER Network gains visibility CYBER is the native token of the Cyber Network, an Ethereum layer-2 solution designed to improve scalability, reduce gas fees, and enhance transaction speeds. Built on the OP Stack, it supports cross-chain transactions through LayerZero’s OFT token standard, while also enabling EVM-compatible decentralised applications. The Cyber Network integrates modular development tools and social interaction features alongside artificial intelligence capabilities. The CYBER token’s primary uses include paying for transaction fees, staking for rewards, and participating in governance decisions about the network’s future. Before the Upbit listing, CYBER was already traded on Binance, MEXC, Bitget, and Bithumb. However, Upbit’s entry into the mix amplified its market reach and brought fresh attention from both domestic and global traders. Trading volume and market cap surge Following the listing announcement, CYBER’s market capitalisation jumped from around $80 million to $170 million at its peak, before pulling back to around $155.89 million At the same time, daily trading volume soared by more than 500%, reaching $251 million before climbing further to $733.46 million within hours. The sharp increase in volume pushed CYBER to the top of CoinGecko’s daily performance rankings . This level of trading activity underscores the heightened investor interest in the token. It also highlights the growing influence of exchange listings in shaping short-term market sentiment. CYBER price outlook: Volatility and investor considerations For now, CYBER’s Upbit debut stands as one of the most significant listing-driven rallies of the year. But whether this momentum translates into sustained growth will depend on the token’s adoption, continued investor interest, and the performance of the Cyber Network’s underlying technology. Notably, sudden price surges following exchange listings can be followed by equally sharp corrections, especially in the early days. Traders should conduct thorough research into the Cyber Network’s fundamentals, its tokenomics, and the broader market environment when trading the token due to the rapid volatility. The post CYBER token surges 133% after Upbit listing sparks trading frenzy appeared first on Invezz

Source: Invezz