zkPass (ZKP) skyrocketed by 53.1 per cent in an hour following the listing of the token by Upbit, the biggest crypto exchange in South Korea. According to the live chart of CoinGecko, initially traders responded immediately to the new liquidity and exposure, which is why the price leaped to approximately 0.189. The listing sparked intense buy activity, which is typical of Korean exchanges trying to add new altcoins.
The introduction of the Upbit drastically raised the 24 hour trade volumes to more than 103 million, creating volatility and hastening the discovery of prices. The reaction to the new listing by Korean retail traders usually responds quickly and in the short term the price can shoot to the stratosphere. ZKP also included with Bithumb which only increased the Korean marke demand and supported the rally.
zkPass is a decentralized oracle based on the zkTLS technology which checks private web data on-chain and does not involve intermediaries. The $ZKP token drives staking and governance fees and protocol fees, which provides traders with a distinct utility story to trade. This breakout already predetermined with previous listings on Bybit. BitMart which brought ZKP to recover over 117 percent of its December 20 plunge.
Korean exchange listings have often served as catalysts to high alt-coin surges because of high retail and concentrated liquidity. The abrupt shift of ZKP is no exception as volume growth was pursued by price movement shortly afterwards. Investors are now monitoring how ZKP will maintain some gains following the initial burst of listing or a correction back as first time buyers make a profit.
