The post Upbit Listing News Sends ESP Soaring 120% to New High appeared first on Coinpedia Fintech News
The Upbit listing news wasn’t just a whisper because it led to a massive explosion. And that’s exactly what happened in the ESP token when South Korea’s top exchanges, Upbit first and then Bithumb, listed it.
The result? A vertical move. Over 120% surge to a fresh all-time high. Where we saw 24-hour volume balloon to $374.46 million. That’s not casual interest, that’s traders piling in because of listing news.
Upbit Listing News Ignites ESP Demand
Before the listing, on-chain metrics were already picking up steadily. Development activity climbed this week. Daily active addresses rose to 2,019. That’s not noise that’s the reflection of usage and development of its ecosystem.
And usage do matters. Espresso Systems isn’t pitching itself as just another altcoin. It’s official website shows that its building shared sequencing infrastructure for Ethereum Layer 2s. Fast finality of roughly six seconds. Cross-rollup interoperability. Decentralized block space ordering.
In plain terms? Rollups don’t have to rely on a single centralized sequencer anymore. That’s infrastructure-level utility. And the ESP token sits right in the middle of it.
Utility Narrative Meets Speculation Frenzy
now governance, the holders of ESP tokens operate the DAO. For the purpose of staking, Validators are required to lock their ESP tokens to enhance network security. Consequently, the Rollups compensate in ESP’s as fees for sequencing services.
So rising on-chain metrics especially active addresses and development growth align directly with token utility. More usage means more demand pressure. That’s the theory.
Now layer that with enhanced liquidity from a major South Korean listing, like the upbit listing news and bitthumb listing news. Accessibility increases. Price discovery becomes sharper. Rollup developers who need ESP operationally now have deeper markets to source it.
And derivatives traders didn’t sit this one out either. Proof is its Futures volume that exploded 687% to $1.98 billion. Open interest climbed 177% to $86.44 million. The long-short ratio sits at 1.0665, leaning bullish.
Liquidations tell the real story. Shorts lost $8.68 million in the past 24 hours. Long liquidations? Just $1.39 million. That’s a classic squeeze of short positions.
ESP Price Chart After The Surge
On the 4-hour ESP price chart, the token rocketed from $0.0933 to a peak of $0.2200. That’s a dramatic move in a compressed time window.
Of course, profit-taking followed. Price has already cooled back to $0.1933 not unusual after a 120% spike. Momentum traders got their payday. Long-term holders are probably watching carefully.
So now, what happens next is on its Adoption and demand, which will decide that. If rollup utilization continues rising and staking demand strengthens, the utility loop could sustain interest. But if volume fades post-listing, volatility may take over.
For now, one thing is clear: this Upbit listing news and Bitthumb listing news didn’t just bump liquidity but it flipped the ESP price chart into overdrive.