Cryptocurrency API3 (API3) reached eight months’ height today after Upbit, South Korea’s largest digital asset exchange, released its list.
A surge in triple digit prices has made API3 Coingecko’s best daily winner. Furthermore, the announcement sparked a great deal of interest, pushing the tokens to the top of the market’s trending coins.
Upbitlist triggers API3 rally
For context, API3 is a distributed Oracle network that connects with distributed applications (DAPP) and real data using first-party Oracles. In contrast to traditional Oracle solutions that rely on third-party intermediaries, API3 allows API providers to run their own Oracles, increasing data reliability and alleviate trust-related issues.
Coins are already available in several major exchanges, including Binance, Coinbase, OKX, and more. Now it debuted on Upbit.
API3 was made public for trading at 17:00 Standard Time (KST) in Korea on August 19th. The exchange has informed that the token will be able to trade with the two pairs.
“Please check your network before depositing your digital assets. Deposits and withdrawals made over networks other than the specified network are not supported,” the notification read.
After the announcement of the initial list, API3 surged 121.43% from $0.84 to $1.86. The latter level was last seen in December 2024. At the time of writing, the price was adjusted to $1.77, maintaining a profit of 112.5%.
Furthermore, market capitalization doubled from nearly $200 million at press conferences to over $200 million. With the pump of market value, API3 became the third largest Oracle Coin by market capitalization, only tracked behind ChainLink (Link) and Pyth Network (Pyth).
The price surge was accompanied by a significant increase when trading began. Daily trading volume rose 409.6% to $473 million. Importantly, much of this came from Upbit.
Coingecko’s data showed that the Korean exchange controlled just 24.58% ($118 million), which began trading a few hours ago.
Market response, on the other hand, is typical of coins that secure Upbit support. Exchanges that command the highest trading volume in Korea have a history of impacting market performance through listings. This pattern can be seen in other tokens that have experienced significant price movements following a similar announcement.
The API3 token post-token first appeared in Beincrypto, with surges up to eight months of high after the rise.
