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- South Korea’s leading cryptocurrency exchange, Upbit, has unveiled its latest altcoin listing.
- This listing is part of Upbit’s ongoing efforts to diversify its offerings and meet market demands.
- The newly listed altcoin is Galxe (GAL), set to commence trading in the KRW market.
Upbit expands its altcoin portfolio with the listing of Galxe (GAL), driving market interest and trading activity.
Upbit Announces GAL Listing in KRW Market
On July 11, 2024, Upbit will introduce Galxe (GAL) to its KRW trading pairs. The decision to list GAL on the Ethereum network in the KRW market aligns with Upbit’s strategy to enhance its crypto portfolio and provide users with more investment options. They have advised users to ensure they deposit digital assets via the correct network, as deposits through unsupported networks will not be processed.
Details and Implications of the GAL Listing
Galxe’s listing on Upbit signifies a strategic move to attract more investors by offering diverse altcoins. GAL’s introduction in the KRW market is expected to bolster trading volumes and increase user engagement. Upbit’s proactive approach in listing promising cryptocurrencies highlights its commitment to staying ahead in the competitive crypto exchange landscape.
Bithumb Follows Suit with POLYX Listing
Mirroring Upbit’s initiative, Bithumb, another major South Korean cryptocurrency exchange, announced the listing of PolyMesh (POLYX). The second-largest crypto exchange in South Korea will support POLYX trading in the KRW market from July 11, 2024. Similar to Upbit, Bithumb has stipulated that deposits must be made via the Polymesh network to be recognized.
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Impact on GAL and POLYX Prices
Following the listing announcements, both GAL and POLYX experienced significant price movements. Galxe (GAL) saw a surge of up to 30% in its value, although it later gave up some of these gains. Meanwhile, PolyMesh (POLYX) appreciated by approximately 12%. These price reactions underscore the market’s positive response to new listings on reputable exchanges and the potential for future growth in these altcoins.
Conclusion
In summary, the listing of Galxe (GAL) on Upbit and PolyMesh (POLYX) on Bithumb marks a noteworthy development in the South Korean cryptocurrency market. These moves are anticipated to drive increased trading activity and market liquidity. Investors should monitor these altcoins closely as they settle into their newly-listed positions, potentially offering lucrative opportunities. Stay updated for more insights and developments in the dynamic world of crypto trading.
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