JTO Token: A Surge of 30% After Upbit’s Listing Announcement

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JTO, the native token of the Solana-based blockchain project Jito, has experienced a significant surge in value, climbing nearly 30% following its recent listing announcement from Upbit, one of South Korea’s leading digital asset exchanges. 📈🚀

According to data from CoinMarketCap, the token surged briefly to $3.50, making a 30% increase from the previous day before retracing to a low of $2.64. However, the price had since bounced back with JTO trading around $3.36 at press time.

Upbit Welcomes JTO to Its Spot Market

Upbit’s decision to list JTO has expanded the token’s accessibility to a broader audience, potentially contributing to its price appreciation. As one of the leading crypto exchanges in South Korea, the company controls up to 80% of the market share, exposing the token to a massive user base.

Upbit said the digital asset will start trading on the exchange at approximately 14:30 local time under the pair JTO/KRW. The digital asset is supported only on Solana. The exchange warned users that deposits and withdrawals through other networks are currently not available.

The listing of the token on the KRW market comes with certain restrictions. According to the exchange, all order types except limit orders will be restricted for about an hour after trading support begins. Additionally, the company has imposed a 5 minute restriction on sell orders.

With this trading support, JTO has now joined other major cryptocurrencies such as Bitcoin, Ethereum, and Solana which are already trading on Upbit. The company has about 233 digital assets listed on its spot market.

As a prominent cryptocurrency exchange in South Korea, Upbit’s ecosystem encompasses its primary trading platform, an NFT marketplace known as ‘Drops’, and staking services.

Not the First

Meanwhile, the company is not the only centralized exchange to have added support for the JTO token. The digital asset has been trading on Bybit since December 2023 under the JTO/USDT pair.

The digital asset is available on the company’s spot market. Apart from Bybit, other exchanges like KuCoin, Kraken, Gate.io, and Mexc Global.

Since its launch in November 2023, the JTO has demonstrated remarkable growth. Serving as the utility and governance token for the Jito project, JTO has achieved a market capitalization of approximately $803.24 million, according to data from CoinMarketCap.

The token’s 24-hour trading volume stands at $62.46 million at the time of writing, reflecting a notable increase in trading activity. This surge in volume indicates heightened interest and engagement from the crypto community since the Upbit announcement.

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2025-02-21 15:04