Wormhole (W) has experienced a remarkable 25% price surge after its recent listing on the prominent South Korean exchange Upbit. This exciting development has resulted in a substantial spike in trading volume, reaching an impressive $500 million. Despite unfavorable market conditions that led to significant liquidations, the listing has generated considerable enthusiasm among traders.
As of now, Wormhole's price stands at $0.37, reflecting a 25% increase over the past 24 hours. This price surge can be attributed to Upbit's decision to pair W with the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Prior to the announcement, trading volume for Wormhole was under $100 million, but it has since skyrocketed to $550 million.
The impressive trading volume indicates that the Asian market, especially in South Korea, eagerly acquired W upon its listing. This bullish trend, combined with the price increase, suggests positive market sentiment surrounding Wormhole. According to on-chain data from Santiment, the project's sentiment has turned notably bullish, supported by a substantial volume of positive feedback across social media platforms.
Following an all-time low of $0.16 on August 5, Wormhole's value has surged by more than 90% in the past three weeks. The Chaikin Money Flow (CMF) indicator, which assesses accumulation and distribution, shows a strengthening buying pressure. If this momentum continues, Wormhole's price could rise to $0.45 and possibly reach $0.52 in the near term. However, should distribution take over, W's value might decline to $0.29.
