After Upbit announced their platform support for the Trump meme coin TRUMP increased its value by 10%.According to Upbit the exchange platform TRUMP will become available for trading among the Korean won (KRW), Bitcoin (BTC), and Tether (USDT) markets
The introduction of TRUMP onto the cryptocurrency exchange Upbit represents a crucial achievement for the meme coin despite its historic price volatility.
TRUMP experienced a significant 10% price increase to $16.96 and acquired almost $3.4 billion market capitalization. Even with the recent gain TRUMP still shows a 40% decrease during the previous two weeks and stands below its value by more than 12% this week.
The official notice by Upbit stated the trading boundaries for TRUMP at launch. At the start of trading TRUMP tokens will begin their life at a minimum value range from 22,435 KRW ($15.46) up to 22,482 KRW ($15.49).
No buy orders can take place during the first five minutes of TRUMP trading and all trading types except limit orders will face temporary restrictions for one hour after starting. Based on closing prices from the prior day sellers must submit bids at prices no lower than 90% of that value.
TRUMP appeared publicly available before Donald Trump’s inauguration and gained incredible popularity that sent its market valuation beyond $10 billion in just hours of launch. The initial investors soldfloated their TRUMP shares heavily which made the price drop dramatically from $39.63 to $4.29 on January 18.
Though TRUMP returned from its price bottom it still stands well below its highest level. Market analysts monitor how Upbit listing affects TRUMP’s long-term movement to see if it brings back the coin’s past success.
As TRUMP receives extra visibility through South Korea’s most prominent digital asset platform investors wonder if the current price rise will stick or become another flash in crypto meme market ups and downs.
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