The API3 (API3) cryptocurrency literally took off today after the announcement of its listing on Upbit, South Korea's largest digital asset exchange.
The triple-digit rally pushed the token to its highest in eight months, making it the day's best performer on CoinGecko.
API3 gains thanks to the listing on Upbit
API3 is a decentralised oracle network that aims to connect smart contracts with decentralised applications (dApps) to real-world data.
While centralised oracle solutions outsource this connection to third parties, API3 allows API providers to manage their own oracles, called first-party oracles.
API3 was already listed and traded on large exchanges such as Binance, Coinbase and OKX. However, the new listing on Upbit is expected to generate strong demand and much attention in the South Korean market.
The token exchanges began on 19 August at 17:00 KST, with two pairs available on Upbit: KRW and USDT.
In just a few hours after the announcement, API3 jumped 121.43%, from $0.84 to $1.86. This is the highest price since December 2024. At the time of writing, the share price was slightly lower at $1.77, but still up 112.5% on the day.
API3's market capitalisation also doubled in line with the rally, rising from less than $100 million to over $200 million. API3 is now the third largest oracle cryptocurrency by capitalisation, just behind Chainlink (LINK) and Pyth Network (PYTH).
Volumes also soared 409.6% on the day, reaching $473 million.
A large part of this volume came from Upbit: CoinGecko data shows that the South Korean exchange is already responsible for 24.58% of API3's total volume ($118 million) in just a few hours.
Upbit quotes: a recurring theme of rallies in the South Korean market
The explosive rally seen with API3 is consistent with the market trend in South Korea, where quotes on Upbit often trigger sudden increases.
Because Upbit handles the largest volume of trading in the country, its support has become a well-known price catalyst for several tokens in recent times.
For API3, the new listing represents not only a bullish entry into the Korean market, but also a rebirth on the global crypto scene.
It remains to be seen whether the bullish momentum will continue in the coming days, but API3 is undoubtedly one of the most watched assets of the moment.
