$SPK surged after Upbit confirmed a KRW market listing for the token. The move came as Spark said more than 500 million $SPK are now staked, while fresh attention around major platform deposits added to the strong rally.
Spark’s native token rose as much as 73% in the past 24 hours. It briefly ranked among the market’s top gainers. As of press time, $SPK is trading near $0.049. Even after pulling back from its recent high, the token remained up 35.45%.
Trading volume also jumped during the move. The token posted about $895.67 million in 24-hour spot volume. Its market capitalization stood at $127.67 million.
Upbit Listing and $SPK Staking Boost Spark Momentum
The Upbit listing gave $SPK a major near-term catalyst. The token is now set to trade against the Korean won on one of South Korea’s largest crypto exchanges. That opened $SPK to a highly active retail market.
Upbit listings have often driven sharp moves in altcoins. New additions have recorded double-digit and even triple-digit intraday gains after the announcement. $SPK now joins that trading setting during a period of rising attention around Spark.
Spark added another boost through its latest update on X. The project said total staked $SPK had moved past 500 million tokens. The figure displayed in its data reached 509,969,466 tokens.
That staking milestone supported the rally narrative. It showed a large amount of $SPK locked in the protocol. Spark also said stakers can join the Spark Points Program Season 4 and earn points rewards.
The update added to signs of broader staking growth. Earlier analytics had shown more than 136 million $SPK staked by over 3,400 users when the network was smaller. The latest figure marks a large increase from that earlier level.
Large Deposits and Reward Activity Support $SPK Rally
However, “DeFi Superman” Sun Ge has cumulatively deposited $1.3 billion in assets into the platform. According to data, USDS farming rewards reached as much as $5.38 million.
One address identified as 0x939…6a1d1 made another notable move. It withdrew 300 million USDS from Sky during the past three hours. The address then deposited that amount into Spark.
Source: X
The platform’s current deposit mix showed strong stablecoin weight. USDS deposits stood at $436 million. That accounted for 18.72% of the deposit pool.
USDC deposits were listed at $135 million. That represented 28.17% of the pool. USDT deposits reached $93.39 million, equal to 9.89%.
Bullish sentiment strengthened after remarks from F2Pool co-founder Wang Chun. Over the past year, he received 83.7 million $SPK in Spark rewards. He later sold the tokens on CoWSwap for 663 ETH and $1.4 million. Wang said he now regrets the sale as $SPK gains fresh market momentum.
$SPK’s rally was driven by several events at once. The Upbit listing expanded exchange access. The staking milestone showed deeper token lockup, while large deposit activity kept Spark at the center of market attention.
Related: Spark Price Prediction: $SPK Surges 78% as Price Eyes $0.070 After Breakout
