CoW Protocol (COW) is Up 50% Today. Here’s Why

Upbit South Korea’s crypto exchange decision to list COW, with trading pairs in Korean Won (KRW), Bitcoin (BTC), and Tether (USDT), immediately triggered a substantial price increase. Within minutes of the announcement, COW experienced a remarkable rise, climbing as high as 50% to a peak of $0.48.

At the time of writing, the price has settled slightly but still represents a considerable increase from the previous day’s closing price of approximately $0.29 (418 KRW). This translates to a 55.9% increase within 24 hours. The overall trading volume has also experienced a dramatic increase of 568.60%, reaching $114 million in the past 24 hours, signifying a considerable upswing in market activity.

Nonetheless, Upbit’s listing procedures included temporary restrictions on buy orders for five minutes after trading commenced and restrictions on all order types (excluding limit orders) for one hour.

A notable feature of the listing was the imposition of a 10% minimum sell order price limit based on the previous day’s closing price, a measure designed to mitigate potential market manipulation. The deposit of COW on Upbit was enabled at 19:30 KST, providing users with a window to prepare for the trading opening.

CoW Protocol ($COW) Price Trajectory Today

CoW Protocol (COW) saw a massive jump in trading, with $203 million traded in just 24 hours, a 1,059.50% increase.

While COW has increased in value by 34.2% over the past week, a more extended view reveals a nearly 30% decrease over the past month. Nevertheless, the Upbit listing represents a significant vote of confidence in the CoW Protocol.

COW’s highest price ever was $2.22 on March 28, 2022. It’s currently down 77.80% from that peak, showing cryptocurrency’s volatility. However, it’s also way up from its lowest price of $0.03987 on November 9, 2022—a 1,135.47% increase.

According to CoinGecko data, COW has a market value of $199 million right now. This is based on the current price and 410 million COW tokens in circulation. Note that if all 1 billion tokens circulated, the maximum possible market value would be an estimated $483 million. This won’t happen overnight, depending on how the protocol releases its tokens.

Over the past week, COW’s price rose 54.40%, doing much better than the overall crypto market (-7.20%) and even better than other cryptos in the Delphi Ventures Portfolio (8.10% increase).

What is CoW Protocol?

Cow Protocol, a permissionless trading protocol, employs batch auctions for price discovery. It maximizes liquidity through coincidences of wants and accesses all available on-chain liquidity.

Notably, it was launched in February 2021 as a Gnosis DAO spin-off. It functions as a meta-DEX aggregator, providing a batch settlement layer above other AMMs and DEX aggregators.

The CoW Protocol, built on the Ethereum platform, is a decentralized trading platform and DEX aggregator. Its core service is an intent-based aggregator designed to optimize trading strategies.

Furthermore, the protocol incorporates advanced features such as Maximal Extractable Value (MEV) blockers, Remote Procedure Call (RPC) solutions, and Automated Market Makers (AMMs).

COW, the native token, plays a crucial role in governance within the protocol’s ecosystem. Currently, its market capitalization is $173.6 million, and its fully diluted valuation is $420 million.

Additionally, the COW token grants holders governance rights within the CowDAO, enabling them to curate the protocol’s infrastructure. Token holders also benefit from trading fee discounts on CowSwap and other advantages.