Filecoin’s FIL Token Sees Significant Surge After Upbit Listing
The FIL token of Filecoin experienced an impressive surge of 30% following the announcement that the South Korean exchange Upbit would be listing FIL trading pairs. This surge pushed the token’s price to a peak of $3.49, rising from a more modest $2.71 on Coinbase. As of the latest updates, the token was trading around $3.00.
In addition to the price increase, the daily trading volume for FIL saw a remarkable boost, climbing by 68% to reach $303 million, as reported by CoinMarketCap. The excitement surrounding this listing was evident, with Upbit confirming via a tweet that the FIL/KRW trading pair officially went live at 07:30 UTC.
It is worth noting that tokens listed on South Korean exchanges often trade at a premium. This phenomenon can be attributed to the strict financial regulations in Korea, which complicate the movement of capital in and out of the country. As a result, these conditions lead to a notable absence of arbitrage opportunities, further contributing to the price dynamics observed in these markets.
