Moca Network (MOCA) is the native utility and governance token of the Mocaverse ecosystem, and its price skyrocketed 370% today.
Previously, the South Korean cryptocurrency exchange announced the listing of the token against the Korean Won (KRW). The MOCA Foundation expressed that this marks an important milestone for MOCA. Will the sudden surge in token price continue?
South Korean exchange lists Moca Network
South Korea's top cryptocurrency exchanges Upbit and Bithumb announced support for Mocaverse and listed the MOCA token. This triggered strong emotions among investors, leading to a sudden surge in Moca Network's price of 370%.
According to Upbit's announcement, users can trade the token in KRW, BTC, and USDT spot pairs. Trading will commence on December 16 at 14:00 Korean Standard Time. Deposits and withdrawals of the MOCA token through networks other than Ethereum are not supported.
“Only personal wallet addresses that have completed ‘ownership verification’ can make deposits and withdrawals. Even deposits made through associated personal wallets may require processing deposit refunds according to the asset network.”
Additionally, Bithumb also announced the listing of Moca Network. The digital asset exchange has listed MOCA and KRW pairs on the Ethereum network.
According to the official listing announcement, trading will start at 14:00 on December 16. The benchmark price is set at 136 KRW. The exchange has also listed MOODENG against the Korean Won.
Both leading cryptocurrency exchanges have renamed the token to Mocabus to align with the South Korean market.
Response from Animoca Brands co-founder Yat Siu
Animoca Brands co-founder Yat Siu expressed gratitude for the support from the South Korean exchange for its Mocaverse and MOCA token. He stated, "Thanks to Upbit, welcome Korea to join the Moca network and bring mass adoption to Web3." This statement highlights the importance of the South Korean market in driving the development of the MOCA token and the Mocaverse ecosystem. Yat Siu recently further explored the strategic direction and market potential of Mocaverse in an exclusive interview with CoinGape.
The MOCA Foundation also stated that this listing on the South Korean exchange is an important milestone, laying the foundation for the team's further push for the expansion of the Moca ecosystem in the South Korean market. Mocaverse particularly mentioned that the South Korean market is one of its key targets for development, with attracting over 28 million retail consumers being its core mission. This indicates the team's in-depth plans for the South Korean market and its long-term vision for mass user adoption.
This expansion is significant for both MOCA and Mocaverse, representing not only an increase in market size but also enhancing the global influence and appeal of the ecosystem. Coupled with the South Korean users' high acceptance of innovative technologies, this strategy could provide significant momentum for the future growth and adoption of the Moca network.
MOCA token skyrocketed 370%
The price of MOCA significantly surged after the announcement of its listing on the South Korean exchange, increasing by 370%, with the current price at 0.40 USD. In the past 24 hours, its lowest and highest prices were 0.08 USD and 0.41 USD, respectively. Meanwhile, trading volume surged by over 600%, indicating immense market interest in MOCA.
The futures market for MOCA has also shown significant growth, with open interest soaring nearly 1000% within 4 hours and growing 1250% over 24 hours. The current open interest of 134.26 million futures contracts is valued at approximately 33.27 million USD, indicating bullish sentiment in the market towards MOCA and potential further upward momentum.
It is noteworthy that on-chain data shows that two wallets have deposited 9.5 million MOCA tokens into Bybit, with a total value of approximately 3.55 million USD. Analysts believe these two wallets may be controlled by the same whale. If all these tokens are sold off, the whale is expected to realize a profit of approximately 2.55 million USD. This dynamic may impact short-term price movements while also highlighting the current trading activity of MOCA in the market.
In this scenario, investors should keep an eye on whale movements and potential market volatility, and proceed with caution to respond to possible short-term adjustments.
