Internet Computer (ICP) saw a remarkable 16% spike in its price following its listing on Upbit, South Korea’s largest cryptocurrency exchange. The value surged from approximately $2.35 to a peak of $2.73 shortly after the announcement. Notable trading pairs include ICP/KRW, ICP/BTC, and ICP/USDT.

ICP Price Chart Source: TradingView

Major centralized exchange listings have historically triggered significant price hikes for newly listed cryptocurrencies, particularly for those with less market depth, making them more susceptible to price manipulation.

Upbit currently ranks as the third-largest centralized spot exchange worldwide, boasting a 24-hour trading volume of around $1.16 billion, as per CoinMarketCap, following only Binance and Coinbase.

As for ICP, it stands as the 47th largest cryptocurrency by total market capitalization at approximately $550 million and an impressive $147 million in 24-hour trading volume, reflecting a 170% increase over the past day due to the listing.

However, it’s worth noting that such price movements are often short-lived and prone to reversals, raising questions about whether ICP’s current surge will be sustainable.