Why Moonbeam (GLMR) Crypto Soars 50% Amid Market Downturn?

The Moonbeam (GLMR) crypto was among the top gainers in the crypto market on Monday, September 25, despite a downturn momentum in the broader market. The crypto has noted significant gains over the past 24 hours, indicating rising interests of the investors. Meanwhile, the surge in GLMR price follows South Korean exchange, Upbit’s announcement to list GLMR, Moonbeam Network’s native token, with trading against BTC.

Upbit to List Moonbeam’s GLMR Token

Leading South Korea’s cryptocurrency exchange, Upbit, has announced its plans to list GLMR, the native token of Moonbeam Network. This move comes as the exchange aims to expand its offering and provide its users with access to promising digital assets.

Notably, Moonbeam Network is a Polkadot parachain project that focuses on creating a smart contract platform with a user-friendly environment similar to the Ethereum Virtual Machine (EVM). The project seeks to achieve high-speed network operation with robust security by executing transactions and creating blocks via the verification of Polkadot’s relay chain.

Meanwhile, GLMR plays a pivotal role within the Moonbeam Network ecosystem. It serves several purposes, which include facilitating transaction fee payments, enabling participation in staking, and acting as a method of payment for digital asset transactions within the network, among others.

Meanwhile, Upbit’s announcement indicates that GLMR deposits on the exchange will start within the next three hours from the announcement time. However, it’s important to note that GLMR exclusively accepts deposits via the Moonbeam network and does not accommodate deposits from other networks like BSC.

This focus on Moonbeam Network deposits underscores Upbit’s commitment to providing its users with access to promising blockchain projects. In addition, it aligns with the exchange’s strategy to support assets with strong potential in the cryptocurrency market.

To ensure a secure trading environment and provide accurate market information to users, Upbit has implemented specific restrictions for GLMR trading. These restrictions include initial purchase order limitations and price restrictions to minimize risks during the initial trading phase.

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Moonbeam Price & Performance

The announcement by Upbit detailing its decision to list GLMR has already had a significant impact on the token’s value. Within the past 24 hours, GLMR witnessed a remarkable surge in price, increasing by an impressive 51.33% to $0.2506. During writing, its market cap was also up by 51.78% to $186.63 million, and its last 24 hours volume skyrocketed 1512.64% to $42.37 million.

Although the cryptocurrency market is known for its volatility, the surge in GLMR’s price highlights the growing interest in the blockchain project.

Meanwhile, the cryptocurrency community is closely watching the impact of this listing on GLMR’s future and its potential to contribute to the broader market. With deposits opening soon, users on Upbit will have the opportunity to participate in this exciting development.

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