Moonbeam’s native token, GLMR, has seen a remarkable surge over the past day, jumping over 50% on the news that major Korean exchange Upbit intends to list the token. This price explosion reflects the potential being unlocked by greater accessibility and liquidity for the cross-chain compatible Polkadot parachain.
Upbit’s announcement that it will open GLMR trading with BTC pairs has triggered immense enthusiasm and curiosity around Moonbeam’s market prospects. The listing enables expanded visibility and access to GLMR for Upbit’s significant user base.
As a pioneering smart contract platform designed for seamless Ethereum compatibility, Moonbeam fills a critical role in Polkadot’s vision of interoperable blockchain networks. The Moonbeam network, secured and powered by its GLMR token, aims to deliver an optimized user experience for decentralized applications.
GLMR facilitates key functions including paying network fees and securing the network through staking. Upbit stated that GLMR deposits would only be enabled through the official Moonbeam network, underscoring its commitment to user security during the rollout.
Source: CoinStats – Start using it today
In the wake of the Upbit announcement, GLMR’s price catapulted from under $0.20 to reach highs of $0.2506. Its market capitalization swelled by over 45% to $181 million alongside a monumental spike in trading volume.
The GLMR price explosion has exceeded 50% within the last 24 hours. However, the token remains far below its all-time high of $29.84 achieved in January 2022 during the peak of the bull run.
As the Moonbeam network continues to build out its offering of seamless smart contract functionality for the Polkadot ecosystem, GLMR will play a key role in powering development. The Upbit listing represents a gateway to significantly increased visibility and access to global crypto markets.
While the broader crypto markets remain mired in bearish sentiment, Moonbeam’s big news has fueled a breakout for GLMR. The community will be watching closely to see if this marks a turning point for GLMR and unlocks the full potential of Moonbeam’s cross-chain vision.
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