Drift Protocol (DRFIT) Price Soars Nearly 100% Following Upbit Listing Announcement

South Korean exchange Upbit has announced the listing of the DRFIT token from Drift Protocol, the largest derivatives and betting platform on the Solana blockchain. Less than an hour after the announcement, the price of DRFIT surged by nearly 100%.

Drift Protocol (DRFIT) Price Rises Nearly 100% Following Upbit Listing Announcement

In previous years, we had the "Binance listing effect," but this year it seems to have shifted to the "Upbit listing effect."

On the afternoon of November 8, 2024 (Vietnam time), Upbit, South Korea's largest exchange, announced the listing of the DRFIT token from Drift Protocol.

Less than an hour later, DRFIT's price surged by nearly 100%, with the token trading around $0.93.

1-hour chart of the DRIFT/USDT pair on TradingView at 02:10 PM on November 8, 2024

Drift Protocol is the largest derivatives trading platform within the Solana ecosystem. The platform launched the DRIFT token in May of this year, alongside an airdrop for users.

Soon after, DRFIT was listed on Coinbase, the largest exchange in the United States. Before being listed on Upbit, DRIFT had already been listed on exchanges like Bybit, KuCoin, and Gate.io.

In August, Drift Protocol launched the BET prediction platform on Solana to tap into the rapidly growing prediction and betting market, with Polymarket being a leading player in the sector.

The dramatic surge in DRFIT's price following the Upbit listing news further emphasizes the FOMO (Fear of Missing Out) effect and the credibility of this exchange.

This is significant because South Korea is known for its strict cryptocurrency regulations, and the standards for token listings on exchanges are high. Moreover, South Korean users are notoriously FOMO-driven, contributing to the "Upbit listing effect."

In contrast, Binance has recently faced criticism for the underperformance of tokens it has listed. The most notable example is the simultaneous spot listing of three meme coins—NEIRO, TURBO, and BABYDOGE—which caused a stir in the crypto community.

Binance Token Listing Schedule for 2024

Additionally, Binance this year has separated its spot and futures listings. Many meme tokens have been opened for futures trading but have not been officially listed for spot trading, such as CAT, GOAT, MOODENG, PONKE, and MOG.

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