South Korea’s Upbit launches the AI agent token, VIRTUAL, to expand its offerings in the crypto space

South Korea’s largest cryptocurrency exchange, Upbit, has announced the launch of trading support for the Virtuals Protocol token (VIRTUAL) on its platform, marking a significant milestone for the AI agent-focused project. The token, which went live on Upbit on January 31 at 20:00 KST, is now available for trading in Korean won (KRW), Bitcoin (BTC), and Tether (USDT) markets. Upbit is supporting VIRTUAL on the Base network, referred to as VIRTUAL-Base.

The announcement of VIRTUAL’s listing on Upbit caused an immediate surge in the token’s price, which jumped by as much as 20%, climbing from 2.04 to 2.40. However, after its initial spike, the token’s price retraced slightly, settling at around 2.30 at the time of writing. Despite this pullback, the listing has significantly boosted VIRTUAL’s trading volume, which increased by nearly 130 million. The token currently boasts a market capitalization of 1.5 billion and a fully diluted valuation of 2.3 billion.

Upbit’s listing makes it the second South Korean exchange to support VIRTUAL, following Bithumb, which listed the token in November 2024. The addition of VIRTUAL to Upbit’s platform comes nearly a month after the token reached its all-time high of 5.07 on January 2. Since then, the token’s price has declined by more than 50%, dropping to 2.30.

Notably, Upbit’s launch price for VIRTUAL was set even lower, ranging from 2,971 KRW ($2.04) to 2,984 KRW ($2.05).

To ensure a smooth trading launch, Upbit has implemented certain restrictions. Buy orders for VIRTUAL were limited to approximately five minutes after trading support began, while all order types except limit orders were restricted for about one hour following the launch. These measures are typical for new token listings to prevent market manipulation and ensure orderly trading.

Virtuals Protocol has emerged as a pioneering project in the integration of AI agents within the cryptocurrency space. The network focuses on creating a co-ownership layer for AI agents, particularly in the gaming and entertainment sectors. Through tokenization, Virtuals Protocol allows users to co-own AI agents, enabling new forms of interaction and monetization. Some of its most notable AI agents include G.A.M.E, Prefrontal Cortex Convo Agent, and Luna.

The listing of VIRTUAL on Upbit underscores the growing interest in AI-driven projects within the crypto industry. As one of South Korea’s leading exchanges, Upbit’s support for VIRTUAL is expected to enhance the token’s visibility and liquidity, potentially attracting more investors and users to the Virtuals Protocol ecosystem. However, the token’s recent price volatility highlights the challenges faced by emerging projects in maintaining momentum and investor confidence.

In conclusion, the launch of VIRTUAL on Upbit represents a significant step forward for Virtuals Protocol and its vision of integrating AI agents into the blockchain space. While the token’s price has experienced fluctuations, its listing on a major exchange like Upbit signals growing recognition of the project’s potential. As the crypto and AI landscapes continue to evolve, Virtuals Protocol’s innovative approach to AI agent tokenization could pave the way for new opportunities in gaming, entertainment, and beyond.