- NuCypher’s native token NU rallies over 800% to cross $2 mark
- Two Asian exchanges, Upit and Bitrue recently launched NU on their exchanges
- The sudden spike has now positioned NuCypher at 92 among cryptos based on market cap
YEREVAN (CoinChapter.com) — In a massive gain for NuCypher’s native token NU, the coin rallied over 800% to create a new all-time high at $2.61.
When the markets opened on Friday, the little-known altcoin was trading at $0.294. However, it soon left watchers wondering what was going on as it broke all immediate targets to settle at $2 when writing.
Because the sudden rally is so parabolic, it is still unclear what the immediate support level of the token will be. Only after NU settles down can one identify its footing on the charts.
NuCypher is a decentralized cryptography network that enables developers to securely store, share, and manage private data across blockchains.
Korean exchange Upbit lists NuCypher
A part of the reason for NuCypher’s sudden rally lies in Asia.
South Korea’s largest cryptocurrency exchange Upbit shared that it had listed the NuCypher token on its platform. As a result, traders can now buy, sell, and transfer NuCypher’s native token NU on the Upbit exchange. However, to use the services, a minimum deposit of 50 NU is necessary.
The listing propelled NU to get wide traction among Asian and international users.
Besides NuCypher, Upbit also launched trading for two other cryptocurrencies, Solana (SOL) and Polygon (MATIC). While Solana’s SOL token has climbed around 6%, MATIC gained over 25% due to the listing.
Another cryptocurrency exchange from Asia, the Bitrue exchange of Singapore, also listed NuCypher today. From the looks of it, the token has gained wide acceptance among Asian traders. However, it is unclear if the rally will hold for long or fall victim to mass sell-offs.
NuCypher joins with Keep Network around Keanu merger
Other than the listings on the Asian exchanges, ongoing plans to merge NuCypher with Keep Network to create “Keanu” may have added to the token’s price surge.
In June 2021, the two networks announced plans to integrate their core protocols into a common blockchain infrastructure while maintaining individual autonomy. While their underlying protocols will be the same, the two networks will continue developing their separate projects. The name derives from Keanu Reeves, the famous star of the Hollywood blockbuster The Matrix.
NuCypher’s spike: market manipulation or a genuine demand?
With over $1.95 billion, NuCypher’s native token NU ranks 92nd by the total market cap. Based on CoinMarketCap data, the token’s 24-hour trading volume was over $2.08 billion.
Over 40% of NuCypher’s trade came from OKEx, a Seychelles-based cryptocurrency exchange owned by the OK Group. However, CoinMarketCap categorizes OKEx as a low-confidence exchange, suggesting the information may not be as reliable.
Other exchanges responsible for the increased trading volume include CoinBase with 37% and Binance with 11% across various value pairs.
Having gained enough support over time, NuCypher is actually working towards becoming a serious project with long-term applicability and value. However, its prospects can only be fully assessed after the inevitable correction in the days to come.