Moca Network (MOCA) Price Rockets 370% Today, Here’s Why

by

As a seasoned analyst with over two decades of experience in the financial markets, I must admit that the sudden surge in Moca Network’s (MOCA) price following its listing on South Korean exchanges like Upbit and Bithumb is a sight to behold. With my extensive background in understanding market dynamics, I can confidently say that this 370% spike isn’t just a fluke but rather a testament to the growing interest in decentralized networks like Mocaverse.

Today, Moca Network’s native utility and governance token, MOCA, has seen a staggering 370% increase in price. This surge comes after South Korean cryptocurrency exchanges announced that they will list the token against the Korean Won (KRW). The MOCA Foundation, in a post on X, called this development a significant milestone for Mocaverse. With such a sudden spike in the token’s value, the question remains: Will this surge be sustained?

South Korean Exchanges Lists Moca Network

In simple terms, the leading cryptocurrency platforms in South Korea, Upbit and Bithumb, announced their backing of Mocaverse and listed the MOCA token. This move sparked a significant surge in investor excitement, resulting in an abrupt price increase for Moca Network by a whopping 370%.

As stated in Upbit’s announcement, users can trade the MOCA token using KRW, BTC, and USDT as trading pairs starting at 14:00 KST on December 16. However, please note that deposits and withdrawals of the MOCA token through networks other than Ethereum are not currently supported.

Transactions such as deposits and withdrawals can only be executed using personally verified wallet addresses. If a deposit is made via a connected wallet, there might be instances where a refund is required, depending on the specific network associated with the asset in question.

Additionally, it’s worth noting that Bithumb has added Moca Network to its platform. The cryptocurrency exchange now offers trading for MOCA paired with Korean Won (KRW) on the Ethereum blockchain.

According to the official announcement, trading for MOODENG will start on December 16 at 2:00 PM. Its initial price will be set at 136 Korean Won. Additionally, MOODENG has been listed on the exchange in a pair with the Korean Won (KRW).

The leading cryptocurrency exchanges have all adopted the name “Mocabus” for their tokens, a move that aligns with the requirements of the South Korean market.

Animoca Brands Co-founder Yat Siu Reacts

Yat Siu, Animoca Brands co-founder, expressed gratitude towards Upbit for supporting Mocaverse and its MOCA token. In a recent exclusive interview with CoinGape, he stated, “Thank you, Upbit, and we’re delighted to welcome South Korea to the Moca Network as we move towards mass adoption in web3.

The MOCA Foundation announced that the listing marks an important step forward in their efforts to grow the Moca system within the South Korean market. Additionally, Mocaverse stated that South Korea holds significant importance due to their goal of incorporating more than 28 million retail customers.

MOCA Token Shoots 370%

The price of MOCA skyrocketed 370% following the news that it would be listed on a South Korean exchange. As of now, the cost of Moca Network stands at $0.40. Within the past 24 hours, its lowest and highest prices were $0.08 and $0.41 respectively. Additionally, there has been an enormous increase in trading volume by over 600%, suggesting a significant surge in demand from traders.

In just 4 hours, the total open interest of MOCA futures increased approximately 10-fold, and over a 24-hour period, it skyrocketed more than quadrupled. Currently, these futures have an open interest of about 134.26 million, which is equivalent to a value of $33.27 million, suggesting a strong backing for potential further growth.

It was disclosed by Lookonchain that two wallets transferred approximately 9.5 million MOCA tokens worth around $3.55 million to Bybit. These wallets may be managed by a single large investor (a “whale”), potentially aiming to make a profit of around $2.55 million if these tokens are sold entirely.

Read More

2024-12-16 08:52