South Korea’s biggest cryptocurrency exchange, Upbit, will enable trading of ASTR, the utility token of the Astar Network, at 6 PM local time on Monday, December 18. The rollout of the Won-ASTR trading pair will see some initial restrictions on trading as part of the exchange’s goal to maintain a safe trading environment.
Upbit will enable only deposits directly from the Astar Network, and buy orders will, in the first five minutes, be limited. Additionally, the South Korean exchange will initially limit sell orders to prices 10% below the previous close or lower, and market price and pre-orders will be restricted in the first hours.
The addition of ASTR to Upbit comes in the year in which the Astar Network implemented several major upgrades. In June, it unveiled its “Astar 2.0 Vision” – an outline of its long-term plans in terms of developing tokenomics, organizing its structure, and building a technological framework.
The Astar Network stated that its goal is to achieve blockchain breakthroughs through innovation and help bring about greater adoption of Web3. In line with this intent, in July, it partnered with NTT Digital to create a Web3 training program with the ultimate intent to improve network infrastructure.
ASTR price analysis
Immediately upon the announcement that trading on Upbit is set to start on December 18, ASTR shot up in value by as much as 70% to approximately $0.14. After the initial surge, the token whipsawed and entered a steep decline that saw it fall to around $0.12.
ASTR has, by the time of publication, seemingly stabilized and is, in the last 24 hours of trading, a total of 45.85% in the green at the price of $0.117.
ASTR’s sudden surge on Monday is by far its most dramatic price movement in weeks and was accompanied by a major volume spike. Despite this, the token has been experiencing significant volatility looking at the previous 365 days and is up a total of 190.23% in that period.
Throughout the last week, ASTR has been trading relatively sideways but is 50.69% in the green – largely thanks to its shooting up on December 18. The token has, however, been slowly rising in the last 30 days and is up 83.94% throughout the month.
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