A new meme coin is taking the crypto world by storm as it sees a massive increase in trading volume on South Korea's largest exchange, Upbit. Metal Pay's token, MTL, experienced an "up-only" increase from $1.3 to a peak of $2.29, as Koreans controlled over 67% of the volume, sending the token soaring to the moon.
According to a tweet by crypto blogger Wu Blockchain, Upbit's MTL/KRW trading volume reached $260 million, and Binance's MTL contract annualized negative funding rate hit an astonishing 1430%.
This sudden surge in volume has made MTL the new Korean memecoin, which is gaining traction within the crypto space.
With the cryptocurrency market constantly evolving, investors should always be cautious and conduct proper research before investing in any asset. However, with MTL gaining massive traction on Upbit and Binance, it could be the next big meme coin to watch out for in the crypto world.
In January, a similar price surge was experienced by the Aptos (APT) token, the South Korean won trading pair on the Upbit crypto exchange accounting for roughly 40% of its trading volume.The price of APT on Upbit was changing hands around 1%–3% higher than the market price, signaling high demand in the region, and similar to the "Kimchi premium" that has been observed before.
However, there were concerns that the volumes on Upbit were inflated from wash trading or an attempt to manipulate the markets. One should exclude the possibility of a similar scenario playing out right now.
Denys Serhiichuk
Yuri Molchan
Godfrey Benjamin