Prominent exchange listings often ignite massive price surges for lesser-known tokens, especially during a bull market.
South Korean crypto exchange giant Upbit’s announcement to list MOCA Network (MOCA), for one, has had a dramatic effect on its market performance.
Whale Moves Millions in MOCA
After Upbit announced the listing of MOCA, its price surge prompted two wallets, likely linked to the same whale, to deposit 9.5 million MOCA tokens worth $3.55 million to Bybit.
If these tokens are fully sold at the current price levels, the whale stands to make an impressive profit of $2.55 million, highlighting the significant market impact and profit potential tied to strategic token movements following major exchange listings, according to data compiled by Lookonchain.
Over the past 24 hours alone, MOCA has experienced a whopping 160% rally, briefly reaching $0.426 before stabilizing near $0.22. This price surge was accompanied by an astonishing 7,500% increase in trading volume, which now stands at $1.32 billion, and a market capitalization spike of over 205% to $341.61 million.
As per the official update, Upbit launched Korean Won, Bitcoin (BTC), and USDT trading pairs for MOCA. For the uninitiated, MOCA is the utility and governance token of a decentralized ecosystem called Mocaverse, which is a flagship project of the Hong Kong-based Web3 giant Animoca Brands Group.
$10M Funding Round For Mocaverse
Beyond its market performance, Animoca Brands recently announced a $10 million funding round for Mocaverse. The funding, supported by major investors like OKX Ventures, CMCC Global, and HongShan, is aimed at expanding Mocaverse’s interoperable infrastructure for consumer crypto adoption.
With MOCA’s fully diluted valuation at $1 billion, Animoca said that it is strategically building the Realm Network to advance Web3 interoperability and digital property rights. Mocaverse’s rapid growth is evident in initiatives like the Moca ID, which has already registered over 1.79 million IDs and fostered partnerships with prominent platforms such as Pixels, Trust Wallet, and OKX Wallet. Future collaborations with high-profile partners like the TON Foundation and Anime Foundation aim to onboard millions of users to the Moca Network.
