TLDR
- Upbit’s listing of Seeker (SKR) triggered a 65% price rally on February 24
- The token climbed from $0.018 to reach $0.032 during a 24-hour period
- Daily trading volume reached $61.87 million, representing a 317% increase
- Three trading pairs (KRW, BTC, USDT) became available at 16:00 KST on February 24
- Approximately 64% of circulating supply remains locked in early staking programs
Seeker (SKR), which serves as the native token for Solana Mobile’s crypto smartphone initiative, experienced a 65% surge on February 24 following the announcement that Upbit, South Korea’s dominant exchange, would introduce SKR trading support.
This rally occurred during a challenging period for cryptocurrency markets overall. Bitcoin dropped beneath $63,000 while the majority of altcoins posted losses.
SKR opened at its 24-hour low of $0.018 before advancing to a peak of $0.032, eventually stabilizing near $0.027 at the time of publication.
Daily trading volume hit $61.87 million, representing an increase exceeding 317% relative to typical activity. Such volume indicates substantial buying momentum entering the market rapidly.
Upbit’s official statement confirmed that SKR trading commenced on February 24 at 16:00 KST. The exchange introduced three trading pairs simultaneously: KRW, BTC, and USDT.
Deposit and withdrawal functionality launched 90 minutes prior to active trading. This window allowed traders to prepare positions before the official market opening.
How Upbit’s Platform Powered the Rally
Upbit commands significant influence in South Korea’s cryptocurrency ecosystem. The platform processes a substantial portion of the nation’s digital asset trading volume and serves both retail traders and institutional participants.
South Korean market participants have demonstrated consistent patterns of rapid response to new exchange listings. Upbit additions typically generate immediate liquidity inflows.
SKR followed this established trend. HTX data indicates the token gained 50% during the final five minutes preceding the listing activation.
Limited Circulating Supply Supported Price Action
Supply dynamics appear to have contributed to SKR’s ability to maintain gains. Early staking programs have secured approximately 64% of tokens in circulation.
When substantial token quantities remain staked and removed from active trading, fewer assets become available for market participants seeking to realize profits.
This constrained selling pressure, coupled with substantial buying demand generated by the Upbit listing, likely enabled SKR to sustain elevated levels while broader cryptocurrency markets faced headwinds.
SKR functions as the native asset for Solana Mobile’s blockchain-integrated smartphone platform. The initiative has developed a committed community of early staking participants since its introduction.
As of publication time, SKR maintained trading activity around $0.027 with volume sustaining elevated levels at $61.87 million throughout the 24-hour measurement period.
