API3 Token Skyrockets to 8-Month Peak After Upbit Listing Bombshell
API3 rockets past resistance levels—Upbit's surprise listing sends shockwaves through decentralized oracle markets.
The Catalyst
South Korea's crypto giant just handed API3 its golden ticket. Trading pairs with KRW and BTC went live overnight, triggering a buying frenzy that traditional finance analysts completely missed—again.
Market Mechanics Unleashed
Liquidity flooded in from Asian trading hours, pushing volume 300% above monthly averages. The token shredded through technical barriers that had held for 243 days straight. No fancy derivatives—just pure, old-fashioned supply shock.
Oracle Wars Escalate
While legacy data feeds struggle with latency, API3's first-party oracles are eating their lunch. The protocol's direct-to-chain data pipelines are suddenly looking priceless as DeFi matures beyond simple price feeds.
Finance's Ironic Twist
Wall Street spends millions on data infrastructure while a tokenized network outmaneuvers them with decentralized nodes—almost like financial innovation doesn't require a mahogany trading desk.
Upbit Listing Triggers API3 Rally
For context, API3 is a decentralized oracle network that connects decentralized applications (dApps) with real-world data using first-party oracles. In contrast to traditional oracle solutions, which rely on third-party intermediaries, API3 empowers API providers to run their own oracles, enhancing data authenticity and reducing trust-related issues.
The coin is already available on several major exchanges, including Binance, Coinbase, OKX, and more. Now, it has made its debut on Upbit.
API3 went live for trading at 17:00 Korean Standard Time (KST) on August 19. The exchange informed users that the token is available to trade against two pairs: Korean Won (KRW) and Tether (USDT).
“Please ensure you check the network before depositing the digital asset. Deposits and withdrawals made through networks other than the specified network will not be supported,” the notice read.
After the initial listing announcement, API3 surged by 121.43% from $0.84 to $1.86. The latter level was last seen in December 2024. At the time of writing, the price adjusted to $1.77, retaining gains of 112.5%.
Furthermore, the market capitalization also doubled from nearly $100 million to over $200 million at press time. The pump in market value has pushed API3 to become the 3rd largest oracle coin by market cap, trailing only behind Chainlink (LINK) and Pyth Network (PYTH).
The price surge was accompanied by a massive rise in volume as trading began. The daily trading volume increased 409.6%, reaching $473 million. Importantly, much of this came from Upbit.
CoinGecko data showed that the South Korean exchange dominated 24.58% ( $118 million) of the volume, with trading only beginning just a few hours ago.
Meanwhile, the market reaction is typical for coins securing Upbit’s support. The exchange, which commands the highest trading volume in South Korea, has a history of influencing market performance through its listings. This pattern is seen with other tokens that experienced significant price movements following similar announcements.
