Today, Aethir (ATH), a prominent asset within the Decentralized Physical Infrastructure Network (DePin) sector, escalated by 35%. This is because major South Korean exchanges Upbit and Bithumb announced that they would list the ATH token.
ATH token started trading on South Korean crypto exchanges at 06:00 UTC.
ATH Attempts a Breakout to Form New All-Time Highs
Upbit and Bithumb, leading crypto exchanges in the South Korean market, have integrated ATH into their KRW trading pairs. Upbit additionally offers ATH in the BTC trading pair.
In an effort to facilitate smooth trading activities, both exchanges will eliminate withdrawal fees for the first 24 hours after listing. Thereafter, they will implement standard fees.
Moreover, to maintain market stability, the exchanges introduced a brief moratorium on buy orders that lasted about five minutes after trading began. Similarly, to curb potential price drops, the crypto exchanges will restrict sell orders set at prices 10% lower than the previous day’s close.
Read more: 12 Best Altcoin Exchanges for Crypto Trading in August 2024
Compliance with South Korea’s stringent Travel Rule for digital assets is mandatory. This rule ensures that only verified personal wallets are used for ATH transactions. Both exchanges have emphasized that ATH deposits should occur exclusively on the Ethereum network.
“Please make sure to check the network before depositing digital assets. Deposits and withdrawals through networks other than the specified one are not supported,” Upbit warned.
Following the listing announcements, ATH’s price initially soared to $0.087 before retreating to $0.072, demonstrating the volatility typical of newly listed assets. Historically, since mid-June, ATH’s price has oscillated between $0.057 and $0.087. Should it successfully breach the $0.087 resistance, it might well approach its historic peak of $0.146.
However, a failure to breach the resistance will lead to the continuation of the consolidation.
ATH’s dominance in the decentralized GPU sector significantly contributes to its market performance.
“Aethir is currently leading the decentralized GPU sector. It’s a very competitive category, but if we take a look at Aethir’s numbers then it’s clear they are the most profitable GPU DePin on the market,” crypto researcher Aylo said.
July’s earnings report from Aethir revealed revenue of $36 million over the past year, with steady growth of 10% month over month. This growth is primarily fueled by increasing demands from the AI and gaming industries, which utilize Aethir’s Platform-as-a-Service (PaaS) offerings.
Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?
Despite its current success, the sustainability of Aethir’s business model remains in question.
“No DePin project has truly proven themselves over the long run yet, so clearly there are many risks involved here,” Aylo warned.
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