Drift Token Surges 100%, Hits New ATH Following Upbit Listing

8 nov

The Drift token (DRIFT) is making waves in the cryptocurrency world, experiencing a remarkable 100% surge in value following its recent listing on South Korea's premier exchange, Upbit. This significant milestone has elevated DRIFT to an all-time high (ATH) as trading volume skyrocketed by 1000%, reinforcing its strong position within the decentralized finance (DeFi) space.

Upbit Lists DRIFT with KRW, BTC, and USDT Trading Pairs
Upbit’s official announcement on November 8 revealed that DRIFT trading pairs would be available in KRW, BTC, and USDT, offering flexibility and convenience to a diverse trading community. Upbit has outlined network limitations for the token: deposits and withdrawals are exclusively supported on the Solana network, and specific transaction restrictions will apply, such as buy limits, minimum sell price restrictions, and designated order types. These measures align with Upbit’s regulatory practices and ensure a structured trading environment for DRIFT.

The Impact of Major Listings: Boosting Visibility and Investor Interest
Drift Protocol has previously gained traction with listings on major platforms like Coinbase. Now, with Upbit onboard, DRIFT's listing highlights the power of major exchanges to drive momentum and boost market interest. Major listings introduce emerging tokens to a broader audience, fostering greater liquidity, demand, and accessibility—especially critical in rapidly growing markets like Asia.

Comparisons with similar tokens underscore this trend: SAFE token’s price spiked 88% after its Upbit debut, indicating the transformative impact of visibility and accessibility on token success. DRIFT’s success story exemplifies this effect, as it attracts growing attention from traders, investors, and the DeFi community.

Price Action and Technical Analysis
Following the listing, DRIFT’s price surged to around $0.90, paring some gains to an 86% increase. Its rapid rise from a 24-hour low of $0.4746 to a peak of $0.9747 reflects heightened investor enthusiasm. As trading volume soared by 1000%, DRIFT solidified its momentum, affirming the positive market sentiment surrounding its future in DeFi. However, despite this rapid growth, derivatives markets data shows a slight cooling trend: open interest in DRIFT has dropped by 8% over the past 4 hours. While this dip suggests a potential pullback in the near term, DRIFT’s support at $0.70 is expected to provide a solid foundation for future price rebounds.

The token’s current Relative Strength Index (RSI) reading of 72 places DRIFT in overbought territory, indicating that a temporary correction might be on the horizon. This cooling phase could stabilize DRIFT and set the stage for sustainable growth as the token capitalizes on recent gains.

Drift Protocol
Drift Protocol’s ascent in the DeFi sector is fueled by its innovative offerings, including perpetual futures trading on the Solana blockchain. This functionality empowers users to access a decentralized exchange with advanced trading capabilities, a valuable proposition as DeFi expands globally. With DRIFT's recent listing on Upbit, the protocol is poised to gain a stronger foothold in the Asian market, where demand for decentralized and transparent financial services is growing.

What’s Next for DRIFT?
With strong support at $0.70, DRIFT’s price trajectory suggests potential for further gains. As more users recognize its functionality within the DeFi space, and with increased visibility from its latest exchange listings, DRIFT is positioned as a promising token for long-term growth.

As the DeFi space evolves, DRIFT’s achievements mark it as a noteworthy contender in the market, combining robust technical foundations with rising global interest. Traders and investors should closely monitor its trajectory as Drift Protocol advances in its mission to redefine decentralized trading.