SPACE ID Rose by 100% After Listing on Upbit Exchange

• SPACE ID’s price rose to $0.55, then fell to $0.49 within a short period.
• ID’s trading volume on Upbit and DWF Labs was responsible for the movement.
• Volatility remained high, suggesting that ID might plunge to $0.29.

In an unprecedented move, the price of SPACE ID (ID) jumped to $0.55 on February 9 after the trading price started the same day around $0.25. According to CoinMarketCap, this jump was more than a 100% increase within 24 hours.

The price increase was also followed by a 3,090% climb in trading volume, suggesting that interest in the cryptocurrency soared. But at press time, ID’s price was trading at $0.49, indicating that participants had started to book profits.

It’s Take and Grab Season 

In the meantime, Coin Editon observed reasons for the pump and dump on Spot On Chain, an on-chain data analysis platform. According to the on-chain data platform, ID’s price jumped due to the token listing on Upbit.

Upbit is an exchange based in South Korea. As such, it implied that most of the volume of the cryptocurrency came from the Asian region. Furthermore, SpotOnChain noted…

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