VeThor Token VTHO Price Surges 230% After Upbit Listing
Upbit, South Korea's largest cryptocurrency exchange, listed VeThor Token (VTHO) on January 21. This resulted in a 230% price surge to $0.01, the highest since November 2021, although it later stabilized at $0.005, representing a 125% increase in 24 hours. Trading volumes rose by 5000% to $230 million.
Despite a 1.15% drop in the overall crypto market cap to $3.59 trillion, VTHO's market capitalization grew from $191.7 million to nearly $800 million, currently standing at $477 million.
To manage volatility, Upbit enforced trading restrictions during the listing. Buy orders were limited for five minutes post-launch, and sales below 10% of the prior closing price were prohibited. Traders were advised to ensure deposits align with the VeChain network.
VeThor Token Overview
- Part of the VeChainThor blockchain for supply chain management
- Serves as the primary payment medium for executing transactions and smart contracts
- Operates on a bi-token model with VeChain (VET) as the native token
- Currently ranks 35th (VET) and 147th (VTHO) among cryptocurrencies