Why is MINA Coin Pumping? Reasons Behind 50% Explosion

Mina Protocol’s native cryptocurrency MINA has seen a significant price surge over the past day, with the coin rising 50% in 24 hours and 28% in the last hour alone. This dramatic pump comes on the heels of Upbit’s announcement that it will be listing a Korean won (KRW) trading pair for MINA on its exchange.

Upbit is South Korea’s largest cryptocurrency exchange, so the addition of a KRW pairing for MINA will make it much easier for Korean traders to buy and sell the coin. This news has sparked a wave of buying activity and FOMO among Korean and global traders, driving up the price.

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MINA is a layer-1 blockchain protocol that uses zero-knowledge proofs to allow it to scale efficiently while keeping the blockchain small. The project aims to become the most decentralized and scalable blockchain, capable of supporting mainstream adoption.

Upbit provided more details on the listing in order to ensure a fair and safe trading environment:

  • MINA KRW trading will begin on October 24, 2023 at 16:00 Korean time.
  • For the first 5 minutes after launch, only buy orders will be allowed. Sell orders will be restricted.
  • Sell orders will be limited to prices below 615 KRW, which is 10% below MINA’s previous day closing price on Upbit’s BTC market.

This pump demonstrates the power exchange listings can have on driving hype and short term price gains. However, it remains to be seen if MINA can sustain these new highs long term. For now, traders are rushing to capitalize on the momentum.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.