Mina Protocol’s Native Token Leads Altcoin Rally with 120% Surge
Mina Protocol’s native token, MINA, has experienced a significant surge of nearly 120% in the past day, leading the altcoin rally. The token reached a price of $0.91 on October 24th, reaching levels last seen in March of this year. However, it has since lost some momentum and is currently trading below its local peak.
UpBit Listing Drives the Surge
The sudden surge in MINA’s price can be attributed to the announcement by UpBit, South Korea’s largest exchange, that it will list MINA’s Korean fiat currency trading pair. UpBit specified that deposits must be made on the MINA network and that deposits from other blockchains like Binance Smart Chain will not be supported. Additionally, UpBit plans to impose various trading limitations for MINA.
A Brief Background on Mina Protocol
Mina Protocol was previously known as Coda Protocol but underwent rebranding in August 2019 due to a legal dispute with R3, an enterprise blockchain company that also used the name Coda. The company has received significant funding, including $3.5 million in May 2018 and an additional $15 million in April 2019. Notable investors include Circle, Coinbase Ventures, FTX Ventures, Three Arrows Capital (3AC), and Dragonfly Capital.
Governance and Future Outlook
The Mina blockchain is governed by the Mina Foundation, a nonprofit organization responsible for overseeing the network. This structure draws parallels to the Ethereum Foundation. With its recent surge and listing on UpBit, MINA has garnered increased attention within the crypto community.
Hot Take: MINA Token Surges on UpBit Listing
Mina Protocol’s native token, MINA, has experienced a significant surge in price following the announcement of its listing on South Korea’s largest exchange, UpBit. This listing has propelled MINA to levels last seen in March this year. With the support of notable investors and the governance of the Mina Foundation, the future looks promising for MINA. It will be interesting to see how this altcoin rally unfolds and whether MINA can maintain its upward momentum.
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