There’s a catch, though; the actual surge came before the listing was announced.
In times when most major cryptocurrencies remain flatlined, every big move, even from smaller-cap alts, becomes news. Today’s example comes from Cysic’s CYS.
The token skyrocketed by over 60% from its low yesterday at $0.8 to a new all-time high of $1.30 before it was rejected and driven sharply south to $0.92 as of press time. The most evident catalyst for this was a big listing on South Korea’s major exchange, Upbit.
The controversial part stems from the timing of the rally. The chart above demonstrates that the most substantial wick in the past 12 hours took place at 23:00 UTC on August 9 when the asset tapped $1.30.
However, the actual Upbit announcement on X went live hours later – after 03:00 UTC on August 10. Trading against BTC and USDT began at 14:00 KST (or 05:00 UTC), which raised some eyebrows on Crypto X about potential insider trading.
Nevertheless, the pump-and-dump move is a reality, and the token behind the decentralized infrastructure project building ‘ComputeFi’ is among the most volatile assets today in a rather calm market.
Upbit listings have a long history of impacting the underlying token with immediate gains and subsequent retracements. We reported one such example in early May when the exchange listed B3 – the native token of a layer-3 blockchain network built on Base, and its price skyrocketed by triple digits to $0.0021 at the time.
A quick look at CoinGecko shows that it is trading roughly 80% below that local peak, currently struggling below $0.00045.
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