The cryptocurrency Api3 (API3) reached an 8-month high today after Upbit, South Koreas largest digital asset exchange, announced its listing.
The triple-digit price surge has also made API3 the top daily gainer on CoinGecko. Additionally, the announcement has sparked significant interest, propelling the token to the top of trending coins in the market.
Upbit Listing Triggers API3 Rally
For context, API3 is a decentralized oracle network that connects decentralized applications (dApps) with real-world data using first-party oracles. In contrast to traditional oracle solutions, which rely on third-party intermediaries, API3 empowers API providers to run their own oracles, enhancing data authenticity and reducing trust-related issues.
The coin is already available on several major exchanges, including Binance, Coinbase, OKX, and more. Now, it has made its debut on Upbit.
API3 went live for trading at 17:00 Korean Standard Time (KST) on August 19. The exchange informed users that the token is available to trade against two pairs: Korean Won (KRW) and Tether (USDT).
“Please ensure you check the network before depositing the digital asset. Deposits and withdrawals made through networks other than the specified network will not be supported,” the notice read.
After the initial listing announcement, API3 surged by 121.43% from $0.84 to $1.86. The latter level was last seen in December 2024. At the time of writing, the price adjusted to $1.77, retaining gains of 112.5%.
Furthermore, the market capitalization also doubled from nearly $100 million to over $200 million at press time. The pump in market value has pushed API3 to become the 3rd largest oracle coin by market cap, trailing only behind Chainlink (LINK) and Pyth Network (PYTH).
API3 Price Performance Post Upbit Listing. Source: TradingView
The price surge was accompanied by a massive rise in volume as trading began. The daily trading volume increased 409.6%, reaching $473 million. Importantly, much of this came from Upbit.
CoinGecko data showed that the South Korean exchange dominated 24.58% ( $118 million) of the volume, with trading only beginning just a few hours ago.
Meanwhile, the market reaction is typical for coins securing Upbits support. The exchange, which commands the highest trading volume in South Korea, has a history of influencing market performance through its listings. This pattern is seen with other tokens that experienced significant price movements following similar announcements.
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