Moonbeam GLMR Token Skyrockets 50% After Listing In Upbit

Moonbeam's token, GLMR skyrocketed. (Photo; Doc. Moonbeam)

JAKARTA - The GLMR, a token published by Moonbeam, suddenly skyrocketed in value by more than 50 percent in early Monday, attracting the attention of crypto enthusiasts and investors who want to know the cause of this sharp increase.

The Moonbeam crypto project is an initiative aimed at bringing smart contracts compatible with Ethereum into the Polkadot ecosystem. Within this project, tokens known as GLMR have an important role.

The tremendous increase in GLMR prices appears to have been triggered by an announcement from Upbit, South Korea's largest crypto exchange. Upbit expressed its intention to register the GLMR and allow trading of GLMR/BTC pairs. Upbit even supports exclusive deposits for the Moonbeam Network.

Before this news emerged, GLMR was trading at a daily low of around Rp. 2,500. However, after being recorded in Upbit, the price of this token soared to reach around Rp. 4,000 per coin before experiencing a correction.

Currently, GLMR ranks 132 and is trading at a price of IDR 3,544, according to data from CoinMarketCap. This significant increase reflects the strong interest of the crypto community in Moonbeam's potential in the blockchain ecosystem.