Moonbeam (GLMR), one of the prominent members of the altcoin market, has managed to secure the top spot on the list of highest-gaining altcoins in the past 24 hours, despite the overall market decline. GLMR has recorded significant gains of over 50% in its price in the last 24 hours. The price surge of the altcoin began after South Korea-based cryptocurrency exchange Upbit announced that it will list Moonbeam Network’s GLMR in the BTC pair.
Upbit’s Announcement to List Moonbeam’s GLMR
Upbit, one of the leading cryptocurrency exchanges in South Korea, has announced that it will list Moonbeam Network’s local asset GLMR. This listing announcement aims to expand the options offered by the cryptocurrency exchange in the altcoin market and provide users with access to promising altcoins.
Upbit’s announcement indicates that GLMR deposits will start within the next three hours from the announcement time. Deposits for GLMR can only be made through the Moonbeam Network, and support for deposits from other networks such as Binance Smart Chain (BSC) will not be available for now.
The focus on deposits exclusively through Moonbeam Network highlights Upbit’s determination to provide access to promising blockchain projects for its users. Furthermore, Upbit has implemented certain restrictions to ensure a secure trading environment and provide users with accurate market information for GLMR trading. These restrictions include initial purchase order limits and price restrictions to minimize risks during the initial buying and selling stages.
Moonbeam Network stands out as a Polkadot parachain project that aims to create a user-friendly smart contract platform similar to the Ethereum Virtual Machine (EVM). The project aims to provide a highly secure and fast network by enabling transactions through the verification of Polkadot’s relay chain and creating blocks.
GLMR plays a significant role within the Moonbeam Network ecosystem. Among other purposes, it facilitates transaction fee payments, enables participation in staking, and serves as a payment method for transactions within the network.
Price Performance of Moonbeam’s GLMR
Upbit’s listing announcement has already had a significant impact on the price of GLMR. In the past 24 hours, GLMR has experienced an impressive surge of over 50%, reaching $0.2506. At the time of writing, GLMR’s market value has also increased by 51.78% to $186.63 million, and its 24-hour trading volume has skyrocketed by 1512% to $42.37 million.
The crypto world is closely monitoring the impact of the listing on the future of GLMR and its potential contribution to the overall market. With the upcoming deposits for GLMR, Upbit users will have the opportunity to participate in this exciting development.
