MINA price more than doubles after listing on Korean exchange Upbit
- MINA's price surges over 100% in the last 24 hours after the listing announcement by Upbit exchange.
- Mina Procotol is a layer 1 chain with zero-knowledge smart contracts in a 22KB blockchain.
- MINA derivatives witnessed a 15,000% increase in volume as short liquidations exceeded $1 million on Tuesday.
Mina Protocol's (MINA) price has experienced over a 100% surge within a 24-hour period following its listing on South Korea's Upbit exchange. MINA, a blockchain project known for its lightweight design and zero-knowledge smart contracts, is seeing the majority of traders who are short, suffering a squeeze as the market rallies on Tuesday.
MINA price surges by 100%
Mina Protocol (MINA) has witnessed over a 100% price surge after trading up from the $0.40s to the mid $0.80s in just 24 hours, according to data from CoinMarketCap.
The influx of buying interest comes after one of the top crypto exchanges in Korea, Upbit, announced that it is listing MINA. After the announcement on Tuesday, the translated release by the exchange said that new digital assets have been added in accordance with the travel rules put in place to target money laundering.
Meanwhile, MINA also saw large derivatives trading activity with volumes increasing by 15,000% on Tuesday at the time of writing. The volume surpassed $2 billion, with the open interest or outstanding contracts surging by 800% to $116 million, as per Coinglass data.
Binance, the largest crypto exchange by volume, is showing a long/short ratio of 0.70 for the MINA/USDT trading pair yet short positions are increasingly getting squeezed as the price rallies.
Short liquidations spike
Short outweighed long liquidations by well over two to one on October 24. Traders closed shorts to the tune of $1.7 million while the total long liquidations were registered at $570,000.
The price surge and increased trading activity come on the back of Upbit listing pushed by the broader market strength that took Bitcoin beyond the $34,000 mark.
However, MINA which is currently trading at $0.88, is still a long way from its record peak of $9.00 achieved in June 2021. After hitting its all-time low of $0.35 on October 12, its journey back to $1.00 will have to be monitored to understand its long-term price trajectory.
Author
Shraddha Sharma
FXStreet
With an educational background in Investment Banking and Finance, Shraddha has about four years of experience as a financial journalist, covering business, markets, and cryptocurrencies.
