Moonbeam’s GLMR Surges 50%: Here’s Why

Summary

• Moonbeam's native token, GLMR, surged over 50% in value after it was announced that it would be listed on Upbit, South Korea's largest cryptocurrency exchange.
• Upbit opened its doors for GLMR deposits, exclusively supporting Moonbeam Network deposits.

Moonbeam's native token, GLMR, experienced a remarkable surge of over 50% in value during the early hours of Monday, leaving crypto enthusiasts and investors eager to understand the driving forces behind this sudden price rally. Standing out as an Ethereum-compatible smart contract parachain on Polkadot, Moonbeam makes it easy to use popular Ethereum developer tools to build or redeploy Solidity projects in a Substrate-based framework. 

The catalyst for this recent bullish momentum appears to be the announcement from Upbit, South Korea's largest crypto exchange. Upbit revealed its decision to list GLMR and enable trading with the GLMR/BTC trading pair. Upbit opened its doors for GLMR deposits, exclusively supporting Moonbeam Network deposits.

Prior to this development, GLMR had been trading at a daily low of $0.1647. However, the news of its listing on Upbit sent shockwaves through the market, propelling the token's value to approximately $0.26 before retracing.

Ranked 132, GLMR is currently trading at a price of $0.2186, according to data from CoinMarketCap.