South Korea’s Upbit and Bithumb will list MOVE on December 9

On December 9, 2024, two of South Korea’s largest cryptocurrency exchanges, Upbit and Bithumb, will both list MOVE, the utility token of Movement Labs. This move marks an important milestone for the token, as it will be available for global trading for the first time. Both exchanges will open trading for MOVE at exactly 21:00 KST, with the token being listed on Upbit in trading pairs with Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Bithumb, however, will only offer MOVE in trading pairs with Korean Won (KRW).

While this listing of MOVE will be a significant development, the exact timing could still be subject to change. Upbit, for instance, has noted that the scheduled listing time for MOVE might shift depending on any unexpected circumstances. If the launch time changes, the exchange has promised to inform users accordingly. Both exchanges have also outlined some initial trading rules to maintain fair market conditions.

For Upbit, trading of MOVE will only be allowed after five minutes of restriction on buy orders once the market opens, to ensure fair price discovery. Furthermore, Upbit will impose an additional restriction of one hour on all non-limit orders once trading for MOVE begins. The platform has also set a minimum selling price for MOVE at $0.33 USD (approximately 464.5 KRW), which is 30% below the lowest price recorded in over-the-counter (OTC) trading the day before the listing. This measure is put in place to prevent the immediate execution of orders at highly inflated prices.

Bithumb, while offering similar time-based restrictions on orders, has not yet announced the base price for MOVE. The exchange mentioned it has already confirmed 33 deposit confirmations for MOVE, signaling the preparations for listing the token. Similar to Upbit, Bithumb will restrict buy orders for five minutes after the opening of trading, with the added restriction on selling orders, which will be limited to no more than 10% below and 100% above the standard price.

MOVE is the utility token of Movement Labs, an Ethereum Layer 2 solution. This innovative platform enhances the Ethereum blockchain’s scalability and performance by supporting both MoveVM and Ethereum Virtual Machine (EVM) transactions. These features allow developers to continue using Ethereum-compatible applications while benefiting from the enhanced performance and stability of Layer 2 scaling.

The MOVE token plays an essential role in the Movement Labs ecosystem. It is used for various purposes, including staking, delegation, governance, and paying gas fees. With the listing on two major South Korean exchanges, MOVE is poised to gain more global visibility and further establish its utility as a key player in the rapidly expanding world of Layer 2 solutions. The listings on Upbit and Bithumb reflect the growing interest and adoption of Ethereum scaling solutions, as well as the increasing demand for high-performance, decentralized applications.

In conclusion, the dual listing of MOVE on both Upbit and Bithumb is a significant event for the token and the Movement Labs ecosystem. As South Korean exchanges are known for their strong liquidity and active user base, the listings are expected to provide a boost to MOVE’s global trading volume. Investors and users alike will likely closely watch how this listing impacts MOVE’s price and its integration within the larger Ethereum ecosystem in the coming weeks.