South Korea’s largest cryptocurrency exchange, Upbit, recently made headlines by announcing the listing of Binance’s 30th launchpad project, SPACE ID (ID). This announcement sent ripples across the crypto market, notably impacting the price of ID and volume.
The introduction of ID on Upbit’s platform created a significant stir within the crypto community. SPACE ID, the native token asset of Binance’s launchpad project, was paired with Bitcoin (BTC) upon its listing on Upbit. Notably, the announcement highlighted that deposits for ID would only be accepted over Ethereum network, excluding other networks like BNB smart Chain (BSC) from the deposit process.
In the X (formerly Twitter), SPACE ID has revealed the Korean Standard Time that ID is being air in Upbit exchange. “Thirlled announcement that, on 30th November 6PM KST the $ID token will be live on Upbit, the nNo. 1 digital asset exchange in Korea.”
After the listing announcement, SPACE ID experienced an substantial surge with its market price skyrocketing by over 25% to reach $0.35. This surge wasn’t solely confined to the price increase; the altcoin also experienced a staggering 500% increase in trading volume within the past 24 hours. According to CoinMarketCap data, at the time of writing, its trading value stands at $0.3294, slightly below its highest performance within 24 hours period. However, trading volume has seen significant increase of 546%, making a 46% rise compared to the previous recorded surge of 500%.
The concept of decentralized identity is an increasingly important aspect of Web3. The growing number of Web3 users emphesizes its significance. SPACE ID serves as a multi-chain blockchain naming service, enabling users to register domain names with extensions like .rab, .bnb, and eth. The platform acts as a comprehensive solution hub within the Web3 realm, offering features for discovering, registering, trading, and managing Web3 domain names.
Developers find SPACE ID intriguing due to its Web3 Name SDK $ API, facilitating seamless integration across various blockchains. The overarching objective of SPACE ID is to consolidate these diverse Web3 elements under one unified roof.
Upbit’s listing of SPACE ID can be an another milestone in boosting its market value. However, crypto world will be closely watching traders’ response to determine whether it becomes a diamond or not.