Upbit crypto exchange announced support for Mina protocol (Mina).
Mina protocol is a cryptocurrency protocol that uses a blockchain of constant size. Its developers are trying to solve several problems of existing cryptocurrencies to bring a better level of efficiency to blockchain transactions. Mina is the native token of the Mina blockchain.
On 24 Oct 2023, Upbit crypto exchange, one of the top trusted South Korean crypto exchanges, announced support for the Mina token.
Following this support from Mina protocol, the trade price of the Mina token surged 98.90% within 24 hours.
Notably Mina token was already trading on the majority of the crypto exchanges e.g. American publicly trading crypto exchange Coinbase, global top crypto exchange Binance, Kraken, etc.
But interestingly the listing support by Upbit acted as a very big catalyst for this token to show a big rally.
Few reports claimed that Korean crypto investors are now more inclined toward this innovative sector, as the country’s financial regulators regulated the crypto companies under multiple rules & laws and ensured that crypto will stay under South Korean jurisdiction.
In the past few months, it has been found that crypto investors target crypto tokens with the help of groupism. Usually some big groups start buying a single token together to increase trade volume as well as trade price. Such types of activities are not easy to handle in any of the markets (crypto & non-crypto) but, in the future, some rules will surely come to prohibit such types of activities.
In Aug of this year, the majority of the XRP coin buyers in the crypto market were from South Korea. On one side XRP coin was getting the better news in the XRP Lawsuit and other side traders were filling their bags to gain huge profit.
Later the trade price of XRP coin dropped by 40% which was visible to everyone but no one was able to do anything.
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