VeThor (VTHO) Surges Over 220% Following Upbit Listing

VeThor (VTHO), an ecosystem token on the VeChain blockchain, has surged massively in the last 24 hours, gaining as much as 220%. The bullish trigger came after South Korea’s largest cryptocurrency exchange, Upbit, listed the token.

VeThor Token is one of the two tokens employed by the VeChainThor public blockchain. While VeChain Token (VET) is the native token for the platform, VeThor Token (VTHO) plays a vital role in the overall functionality of the blockchain.

VeThor is a VIP-180 Standard token that denotes the cost of using the blockchain. It functions as the primary utility token on the VeChainThor blockchain, essentially acting as the “gas fee” required to facilitate transactions and smart contracts on the network.

Upbit Adds Support for VeThor

In a Tuesday statement, the South Korean crypto exchange announced its support for VeThor. This support has bolstered the token’s market performance and highlighted its growing importance in crypto. Trading is expected to begin today.

Notably, the exchange emphasized that VeThor deposits and withdrawals will be available only on the VeChain network. So, users should check the network before depositing digital assets, as failure to do so might result in loss of funds.

Upbit also stated that, in compliance with the Travel Rule, deposits should be made from exchanges listed as eligible crypto asset operators by Upbit itself. 

The listing, which includes trading pairs against Korean Won (KRW) and Tether (USDT), has attracted diverse investors and traders, leading to a substantial increase.

Notably, Upbit is not the first to launch VeThor’s VTHO. Binance and other prominent crypto exchanges that have listed the crypto asset.

VeThor Jumps by 225% on Upbit Listing

Following Upbit’s listing, VeThor rose sharply by 225% to exchange hands at $0.008011.  However, the token was experiencing some retracement when filing this report. Data from CoinStat shows that the token traded at $0.006793, representing a 186.19% surge on the day.

The sharp price increase shows a listing on a major exchange like Upbit can have a significant impact on a crypto asset’s value. The exchange’s extensive user base and market reach have acted as a catalyst for VeThor’s price rally, significantly boosting its visibility and accessibility.