Korean cryptocurrency exchange, Upbit, has officially listed the VIRTUAL token developed by Virtuals Protocol, a blockchain project focused on artificial intelligence. Immediately after the listing announcement, the price of VIRTUAL jumped 20% when trading started on Jan. 31 at 20:00 KST. It will be listed in the KRW, BTC, and USDT markets.
The exchange supports VIRTUAL trading on the Base network, also known as VIRTUAL-Base. This listing is a significant move to expand trading options for AI-powered blockchain projects and indicates that Upbit is setting its sights increasingly on AI-integrated tokens.
VIRTUAL Token Sees Strong Market Reaction
Immediately after the listing, VIRTUAL jumped from $2.04 to $2.40 and consolidated at $2.30. The new listing gave great life to the token, with its 24-hour trading volumes up nearly 130% above $415 million.
At a market capitalization of $1.5 billion and a fully diluted valuation of $2.3 billion, VIRTUAL is positioned as one of the most valuable AI-driven cryptocurrencies.
Listing on the Second Major South Korean Exchange
Upbit is so far the second major South Korean exchange to list the VIRTUAL token, after Bithumb which listed the token in Nov. 2024. The listing is also almost a month after VIRTUAL reached its latest all-time high of $5.07 on Jan. 2. Since then, however, the token has shed more than 50% in value and has stabilized in the $2.30-$2.40 range.
Initial Trading Restrictions
Upbit has set the initial trading price for VIRTUAL between 2,971 KRW ($2.04) and 2,984 KRW ($2.05). In a bid to control liquidity and curb volatility, the exchange temporarily imposed a five-minute ban on buy orders after trading support began. Also, all trading types, except for limit orders, were restricted for an hour after the listing of the token.
This is not uncommon for South Korean exchanges, which regularly take such measures to control volatility and ensure stability in the prices of newly listed assets.
VIRTUAL’s Contribution to AI and Blockchain Innovation
Virtuals Protocol is one of the leading blockchain-based AI platforms, developing shared AI agents with a focus on gaming and entertainment. The platform allows users to tokenize and share ownership of AI agents, representing a new paradigm for decentralized AI ownership.
Some of the most famous AI agents include G.A.M.E., Prefrontal Cortex Convo Agent, and Luna. The innovative approach of the protocol has contributed much to its fast adoption and developing market presence.
With the listing of VIRTUAL on Upbit, exposure of this AI-driven token could drive more significant adoption and increased interest in blockchain applications powered by AI.
