VIRTUAL Token Surges 28% Following Upbit Listing Announcement
Upbit, South Korea's largest cryptocurrency exchange, will list VIRTUAL, the native token of the Virtuals Protocol, focused on AI and metaverse applications. Trading pairs for VIRTUAL against KRW, Bitcoin, and Tether will be available starting January 31, 2025, at a price range of 2,971 to 2,984 KRW ($2.04 to $2.05).
Market Reaction
- VIRTUAL surged 28% following the listing announcement.
- Currently trading at approximately $2.40, marking a 13% gain in 24 hours.
- The token entered the top 100 cryptocurrencies in November 2024 with a market cap exceeding $1 billion.
- The market cap grew by 50% in a day, reaching $1.78 billion.
- All-time high of $5.25 recorded in January 2025 before a pullback.
Buyback Program
- VIRTUAL is also available on platforms like Bybit and KuCoin.
- A buyback-and-burn program is in place to increase token value by reducing supply.
- As of January 15, 2025, about 12,990,428 VIRTUAL tokens (valued at $48 million) have been accumulated for repurchase.
- Tokens from 25 AI agents are targeted for buyback and burn over 30 days.
- Notable burns include 1.6 million GAME tokens and 1.1 million CONVO tokens.