Upbit’s New Altcoin Listings Spark Massive Gains, Pocket Network Leads Rally

Upbit, South Korea’s largest cryptocurrency exchange by trading volume, has announced the listing of four altcoins on its spot trading platform. 

The tokens include FLock.io (FLOCK), Forta (FORT), Pocket Network (POKT), and Livepeer (LPT). Following the announcement, all four tokens experienced significant price surges, with Pocket Network leading the rally with a triple-digit increase.

Upbit Lists FLOCK, FORT, POKT, and LPT

According to Upbit’s official notice, the tokens will be available for trading in Bitcoin (BTC), Tether (USDT), and Korean Won (KRW) pairs. Trading will begin on May 30 at 15:00 KST with FLOCK. It will be available on the BTC and USDT markets via the Base network. 

This will be followed by FORT, which will trade against the BTC and USDT pair through the Ethereum network starting at 16:00 KST. Later that day, LPT will launch trading on the KRW and USDT markets via Ethereum at 17:00 KST. 

Lastly, Upbit revealed that POKT will be listed on the KRW market through its native Pocket Network blockchain at 19:00 KST.

“Please be sure to verify the network before depositing digital assets. Deposits or withdrawals via networks other than those specified will not be supported,” Upbit stated.

Market data highlighted that the listings’ impact was immediate. Pocket Network’s POKT token saw the most dramatic increase, surging over 592% within minutes of the announcement. 

The rise also lifted its market capitalization from approximately $25 million to $97 million. While the gains have since cooled, POKT remained up an impressive 397.9% at the time of writing.

FLOCK token saw the second-largest uptick, climbing 49.3%, followed by Livepeer’s LPT, which surged 41.5%. Both saw slight pullbacks, settling at gains of 30.9% and 29.5%, respectively. 

FLOCK, FORT, POKT, and LPT Price Performance. Source: TradingView

Lastly, FORT rose by 26.8% initially but experienced the largest crash among the four, losing most of its gains. At press time, it was only up 2.3%.

This development follows a pattern of significant market reactions to exchange listings. BeInCrypto reported that the listing of MANTRA (OM) Access Protocol (ACS), GoChain (GO), Observer (OBSR), Quiztok (QTCON), and Rally (RLY) on Upbit last week led to a similar sharp price surges.