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News

CYBER Token Price Surges By 150% As Korean Traders Aggressively Buy

September 1, 2023 - Around 2 mins mins to read

Key Points:

  • Korean traders driving up CYBER token price with a 150% increase in just one week.
  • Short-selling happening on major exchanges despite the recent surge in price.
Korean traders aggressively buying CYBER tokens causes 150% price increase. Upbit largest holder. However, short-selling happening on major exchanges.

Korean traders have been aggressively buying CYBER, leading to a 150% increase in price over the course of just one week. As of writing, the token is trading at around $15.8, which is a 75% premium compared to the global market.

CYBER Token Price Surges By 150% As Korean Traders Aggressively Buy
Source: Upbit

However, the situation is not all positive for CYBER token holders. The current annualized funding rate of CYBER U-based contracts is above -500% on major exchanges, and -662% on Binance. This suggests that there is a significant amount of short-selling happening on these platforms.

Despite this, the recent surge in price has been attributed to news that Upbit has become the largest holder of CYBER tokens, having acquired 3.6 million tokens since August 22nd. CoinCu reported that the thereof news led to a surge in price, with the token increasing by 130%. As of now, the largest Korean exchange has seen a significant increase in its CYBER holdings, which now stands at 3.8 million tokens.

Additionally, DWF Labs has also been increasing its CYBER token holdings, acquiring 170,000 units over the past week and executing a transfer of 170,000 CYBER tokens to the Bithumb exchange within the last 24 hours.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.