SPACE ID (ID), the Web3 project in the Binance ecosystem, increased by nearly 40 percent with the Upbit listing.
Upbit, known as South Korea’s largest cryptocurrency exchange, continues to have an impact on cryptocurrencies. Upbit recently upgraded SPACE ID’s native token, ID.
Upbit exchange announced that it will list ID. Following this listing news, the price of ID increased sharply in the morning hours and increased by 40 percent.
Thrilled to announce that, on Nov 30th 6PM KST, the $ID Token will live on @Official_Upbit, the No.1 Digital Asset Exchange in Korea.🎊
Learn more👇 https://t.co/RaxWNYReWI
— SPACE ID (@SpaceIDProtocol) November 30, 2023
SPACE ID (ID) is having an eventful day
SPACE ID (ID), Binance’s thirtieth Launchpad project, gained high volatility with the news flow that it would be listed on South Korea-based Upbit. The native token of the Web3 project experienced a 40 percent increase in just 3 minutes. This strong rise in a short time brought with it a sharp decline.
ID fell 18 percent from the day’s peak as the news faded and wallet activity increased. Lookonchain reported that several wallets are withdrawing IDs from centralized exchanges in order to deposit them to the Upbit exchange. A wallet on Lookonchain’s radar stated that it withdrew 1.55 million IDs from Binance and OKX exchanges and deposited them in Upbit. This action by wallets holding large amounts of ID led to thoughts of price manipulation.
Affected by the listing of $ID on #Upbit, the price of $ID has increased by ~30%.
Many wallets are withdrawing $ID from exchanges to prepare for deposit into #Upbit.
Wallet"0x2b51" withdrew 1.55M $ID($501K) from #Binance and #OKX, which is preparing to deposit to #Upbit. pic.twitter.com/6qvpg30XGG
— Lookonchain (@lookonchain) November 30, 2023
The transaction volume of ID, which experienced volatility due to the Upbit effect, increased by 650 percent in the last 24 hours and reached 208 million dollars. Additionally, ID’s market value increased by nearly 15 percent, reaching 127 million dollars.
ID’s decline deepened after 12:00 on November 30, when it was listed on Upbit. Wallets that turned to ID due to the news started to sell when the news lost its effect.
SPACE ID is known as the Web3 project in the Binance ecosystem. SPACE ID hosts a set of smart contracts that provide core functions of Web3 domain registration, resolution, management and governance. Additionally, the project is working intensively on digital identity.
