The Mina Protocol’s Native Token, MINA, Surges 120% in One Day
The crypto market has been experiencing volatility, with Bitcoin taking the spotlight. However, several altcoins have also made significant moves, including MINA, the native token of the Mina Protocol. In just one day, MINA saw an impressive surge of nearly 120%, reaching a price of $0.92 on Tuesday, which hasn’t been seen since March. Although the token has cooled down since then, it remains up 76% for the week and is currently trading at $0.65.
Upbit Listing Boosts MINA’s Trading Volume
The sudden spike in MINA’s price comes after South Korea’s largest crypto exchange, Upbit, announced the listing of the MINA-KRW trading pair. Since its introduction, MINA has become the largest trading pair in Korean fiat currency, accounting for as much as $419 million or 12% of Upbit’s fiat trading volume.
Mina Protocol: A Rebranding Story
Mina Protocol was originally known as Coda Protocol but underwent a rebranding in September 2020 due to a legal dispute with R3. The name change didn’t affect the underlying technology. Mina’s blockchain utilizes zero-knowledge proofs, allowing it to maintain a permanent size of just 22 kB regardless of the number of transactions on the network. This makes syncing the Mina network much easier for average users compared to Ethereum’s massive blockchain size of 1.3 terabytes.
Other Altcoins Experience Significant Growth
Several other altcoins have also seen notable gains over the past week. INJ, the native token of Injective Protocol, has increased by 51%. PEPE, a popular meme coin, soared by 57%, while Chainlink’s LINK is up by 50%. RUNE, the native token of THORChain network, has also posted significant growth with a 41.3% increase.
Bitcoin and Ethereum’s Performance
Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, have also experienced positive performance. Bitcoin is up 19.8% and Ethereum is up 12.9% over the past week. BTC saw increased attention due to speculations about the launch of spot Bitcoin ETFs, pushing its price above $35,000 on Monday. Currently, Bitcoin is trading at $34,183.
Hot Take: Altcoins Surge Amidst Crypto Market Volatility
The recent surge in altcoin prices, including MINA, INJ, PEPE, LINK, and RUNE, highlights the volatility of the crypto market. While Bitcoin and Ethereum continue to dominate, these altcoins have shown impressive gains in a short period. The surge can be attributed to various factors such as listing announcements and investor interest. As the crypto market remains unpredictable, it’s crucial for investors to stay informed and exercise caution when making investment decisions.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice.
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