Wormhole (W) Altcoin Soars 32% After Korea's Biggest Crypto Exchange Upbit Announces Support

Messaging protocol Wormhole (W) shot up from a 24-hour low of $0.28 to a current value of $0.37, a more than 32% increase after crypto exchange Upbit announced support on the Solana (SOL) network.

Korea’s largest cryptocurrency exchange has announced support for trading a new altcoin, and the token’s price has surged by more than 32%.

Messaging protocol Wormhole (W) has shot up from a 24-hour low of $0.28 to a current value of $0.37, a gain of over 32%. The surge comes after Upbit has announced support for the token on the Solana (SOL) network.

With a market capitalization of $959.7 million, Wormhole is now ranked as the 82nd largest crypto project.

Wormhole aims to enable an efficient transfer of liquidity and data across different blockchains.

Launched in 2020 by Jump Crypto with assistance from the Solana Foundation, Wormhole initially focused on bridging Solana and Ethereum (ETH) before expanding to other blockchains.

“Wormhole launched the first-ever token bridge between Solana and Ethereum. This move opened up new avenues for asset transfers to and from Solana and almost instantly established product-market fit in this nascent segment of crypto.

From there, Wormhole evolved from a single product into a platform of products that power an entire ecosystem of multichain applications. Era2 brought the industry’s first汎用messaging protocol, paving the way for frictionless asset transfers to 30 blockchains and the delivery of over 1 billion secure cross-chain messages.

As of August 2024, Wormhole has processed over a billion messages and facilitated tens of billions in cross-chain value transfer.”

According to the project’s website, there is a maximum supply of 10 billion tokens and an initial circulating supply of 1.8 billion.

In April, several major cryptocurrency exchanges announced that they will begin supporting W, including Binance, OKX, Bitget, Backpack, and WOO X.

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