South Korea's Upbit exchange listed STG, and the currency price soared by 80% in a short time! But Stargate is suspected of selling at high points

This site (120BtC.coM): Stargate, a cross-chain bridge developed by the LayerZero team that is about to be airdropped in March 2022, is the first application based on the LayerZero protocol. Its native code The price of the coin $STG experienced a huge increase yesterday due to the news that it was listed on the Korean exchange.

$STG surged 80% in two hours

Upbit, South Korea’s largest exchange, announced at about 3:30 yesterday afternoon that it would open $STG trading at about 4:00 p.m. and support Korean won spot trading. Yes, and only accepts deposits from the Ethereum network.

As soon as the news came out, Binance spot market data showed that $STG jumped in response, soaring from about US$0.4813 to a maximum of US$0.8687, soaring more than 80% in less than two hours, setting a record of two A new high in months.

As of writing, the price has fallen slightly at the moment, and the price is temporarily reported at $0.7158, up 45.82% in the past 24 hours. The market value exceeded US$146 million, ranking 373rd in the cryptocurrency market value rankings.

If we want to take stock of countries that “love to speculate in currencies”, South Korea is definitely at the top. Therefore, in the past, as long as a token was listed on major Korean exchanges such as Upbit and Bithumb, the trading volume of the currency would rise rapidly. The coin will also see an amazing rise. However, investors are also reminded to pay attention to potential violent fluctuations.

Stargate Treasury is suspected of selling more than 12 million US dollars in $STG

It is worth noting that on-chain analyst Ai Ai monitored the address and found that: Stargate Treasury (treasury address) is suspected of entrusting a market maker GSR Markets sold 5 million $STG, worth $3.66 million, and all of them were deposited into Binance at 3:30 this morning. In addition, the address 0x22d...a63df also deposited 10.24 million tokens received from the treasury two months ago into Binance at about 5 o'clock yesterday afternoon, worth US$8.89 million.

This means that Stargate may intend to take advantage of the high point to sell a total of 15.24 million $STG, which accounts for 6% of Binance’s 230 million $STG trading volume in the past 24 hours. It is estimated that it will cause potential selling to the market. Pressure, investors are advised to pay attention to possible fluctuations.

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