MINA Token Surges 120% in a Day, Here’s The Possible Reason

Mina Protocol’s native token – MINA – is leading the altcoin rally amid a new-found resurgence that propelled a surge of nearly 120% over the past day. The crypto asset climbed to $0.91 on October 24th.

The latest price action pushed MINA to levels last seen in March this year, but the token has lost some steam and currently sits below its local peak.

• The reason for the abrupt surge can be attributed to South Korea’s largest exchange, UpBit, announcing that it will list MINA’s Korean fiat currency trading pair.
• As per the announcement, deposits made to UpBit must be made on the MINA network, and deposits from other blockchains, such as the Binance Smart Chain, cannot be supported.
• The crypto exchange also said that it plans to enforce various limitations on trading for MINA.
• Mina was initially known as Coda Protocol. It underwent a rebranding in August 2019 due to a legal dispute initiated by R3, an enterprise blockchain company that also utilized the name Coda for its protocol.
• In terms of funding, the company secured $3.5 million in May 2018 and an additional $15 million in April 2019.
• Prominent backers include Circle, Coinbase Ventures, FTX Ventures, the now-defunct hedge fund Three Arrows Capital (3AC), and Dragonfly Capital.
• The Mina blockchain is currently under the governance of the Mina Foundation, a nonprofit organization responsible for overseeing the network, drawing parallels to the Ethereum Foundation.