Solana-based Drift hits all-time high after skyrocketing 90%: here’s why

2024-11-9 12:19

Drift (DRIFT) price spiked more than 90% within hours as the market cheered the latest token listing news from Upbit, Korea’s largest cryptocurrency exchange.

During early Asian trading hours on Friday, Upbit announced support for spot trading for DRIFT, outlining three spot pairs.

The price of the Solana-based DEX protocol shot up, rising from lows of $0.4752 to a new all-time high of $0.9602.

Upbit lists DRIFT spot pairs

Upbit, Korea’s largest crypto exchange, announced the listing of DRIFT on November 8.

The exchange added support for KRW, BTC, USDT, noting trading would go live from 6pm on Nov. 8.

DRIFT token’s price rose sharply after the news, reaching 90% within hours.

The exchange token had dipped to lows of $0.38 ahead of the US election, before the broader market rally amid Donald Trump’s election win pushed it to resistance at $0.5 on Thursday.

Upbit’s listing, which often is seen as a major boost for tokens with the KRW pair, helped catapult DRIFT to its highest price level.

The daily trading volume also increased, rising 227% to over $106 million in the past 24 hours.

DRIFT price chart on CoinMarketCap

Drift Protocol is a Solana-based decentralized perpetual and spot exchange.

The derivatives trading platform that launched in 2021 offers more than cross-margined perpetual futures.

Users can trade pre-launch markets and earn from its predictions market BET.

The platform supports stablecoins and several other assets for collateral, offering greater capital-efficiency trading for users.

Drift announced on Nov. 7 that it had added support for the Coinbase wrapped Bitcoin (cbBTC) on Solana. cbBTC is now available as a collateral asset.

Several DeFi tokens surge after Trump win

DRIFT is among governance tokens across the DeFi ecosystem seeing decent gains.

Other than Uniswap there are several other coins that have exploded following Trump’s victory.

Optimism in the sector is down to potential regulatory clarity and support for crypto innovation under Trump’s administration.

This is because the expectation is that current SEC Chair Gary Gensler will soon exit the stage.

Trump pledged to fire Gensler “on day one” of his presidency and he recently launched a new DeFi project called World Liberty Financial.

This is what has the market keen on how the new administration approaches regulation around this sector.

DeFi tokens to surge in the wake of the US election results include Aave (AAVE), Ethena (ENA), Lido DAO (LDO) and Jito (JTO).

The DeFi market cap was up 4% in the past 24 hours to $84.5 billion, about 3.2% of the global market cap.

However, according to DeFiLlama, the total value locked (TVL) in decentralised finance protocols is currently at over $168 billion.

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