MINA Token Surges 120% in a Day, Here’s The Possible Reason

Mina Protocol’s native token – MINA – is leading the altcoin rally amid a new-found resurgence that propelled a surge of nearly 120% over the past day. The crypto asset climbed to $0.91 on October 24th.

The latest price action pushed MINA to levels last seen in March this year, but the token has lost some steam and currently sits below its local peak.

MinaUSD. Source: TradingView
MinaUSD. Source: TradingView
  • The reason for the abrupt surge can be attributed to South Korea’s largest exchange, UpBit, announcing that it will list MINA’s Korean fiat currency trading pair.
  • As per the announcement, deposits made to UpBit must be made on the MINA network, and deposits from other blockchains, such as the Binance Smart Chain, cannot be supported.
  • The crypto exchange also said that it plans to enforce various limitations on trading for MINA.
  • Mina was initially known as Coda Protocol. It underwent a rebranding in August 2019 due to a legal dispute initiated by R3, an enterprise blockchain company that also utilized the name Coda for its protocol.
  • In terms of funding, the company secured $3.5 million in May 2018 and an additional $15 million in April 2019.
  • Prominent backers include Circle, Coinbase Ventures, FTX Ventures, the now-defunct hedge fund Three Arrows Capital (3AC), and Dragonfly Capital.
  • The Mina blockchain is currently under the governance of the Mina Foundation, a nonprofit organization responsible for overseeing the network, drawing parallels to the Ethereum Foundation.

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