What's Up With NuCypher Crypto Token's 1,000% Surge?

The price of NuCypher’s NU/USD native crypto token surged by over 1,000% to a high of $3.58 on Friday.

What Happened: NU was trading at $0.28 before a massive rally sent the token’s price to a new all-time high. The massive rally followed a listing announcement by Korea’s largest crypto exchange Upbit.

Trading activity for the NU token stood at $1.7 billion, up by an astounding 1,6235.68% over 24 hours, even surpassing Dogecoin’s DOGE/USD volumes by several million.

NuCypher’s native tokens are used on the larger NuCypher network to incentivize network participants to perform key operations. The NU tokens are also used for staking to run a NuCypher worker node and to participate in governance proposals.

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forget coinbase effect, what is this upbit effect lmao pic.twitter.com/RHUIkf3u5k

— _funkyjunky (@_funkyjunky) October 15, 2021

The exchange also listed Polygon MATIC/USD and Solana SOL/USD which rallied 12% and 30%, respectively, following the news.

At $7.3 billion, Upbit’s daily trading volume outpaced that of Coinbase Global Inc COIN, which stood at $5.8 billion at the time of writing.

Axie Infinity AXS/USD was the most traded coin against the Korean Won on the crypto exchange. The AXS/KRW pair accounted for 10.92% of the exchange’s overall trading volume.

Bitcoin BTC/USD traded at a slight premium on Upbit, trading hands for around $61,600, according to data from CoinMarketCap.

Photo: Christopher Burns on Unsplash