TLDR
- Seeker (SKR) rallied 65% following its listing on Upbit, the premier cryptocurrency exchange in South Korea
- The token’s price climbed from $0.018 to reach $0.032 in a 24-hour period
- Daily trading volume spiked to $61.87 million, reflecting a 317% increase from typical levels
- Trading commenced on February 24 at 16:00 KST with KRW, BTC, and USDT trading pairs
- Staking programs have locked approximately 64% of tokens in circulation, creating supply constraints
Seeker (SKR), the governance token powering Solana Mobile’s blockchain smartphone initiative, experienced a 65% price surge on February 24 following confirmation from Upbit—South Korea’s dominant cryptocurrency trading platform—that it would begin offering SKR trading services.
This price action occurred against a challenging backdrop for the broader cryptocurrency market. Bitcoin dropped beneath the $63,000 threshold while the majority of alternative cryptocurrencies posted losses.
SKR began the trading session at its 24-hour floor of $0.018. The token subsequently rallied to a peak of $0.032 before consolidating near $0.027 as of this report.
Daily trading volume climbed to $61.87 million, representing a surge exceeding 317% relative to baseline activity. This volume spike signals significant demand entering the market rapidly.
Based on Upbit’s formal statement, SKR trading operations launched on February 24 at 16:00 Korea Standard Time. The exchange introduced three distinct pairs: KRW, BTC, and USDT.
Deposit and withdrawal functionality became available 90 minutes prior to active trading. This window allowed strategic traders to establish positions before the official market opening.
Why the Upbit Listing Drove the Move
Upbit represents a major player in the cryptocurrency exchange landscape. The platform commands substantial market share within South Korea’s digital asset trading ecosystem and serves both individual investors and institutional participants.
South Korean market participants have earned a reputation for aggressive trading behavior around fresh exchange listings. When Upbit integrates a new token, capital inflows typically accelerate rapidly.
This dynamic materialized clearly with SKR. Market data from HTX indicates the token appreciated 50% during just the final five minutes preceding the official listing activation.
Supply Pressure Kept Low
Another element potentially supporting SKR’s sustained gains involves token supply dynamics. Early-stage staking initiatives have secured roughly 64% of available circulating tokens.
When substantial token quantities remain locked in staking contracts and unavailable for trading, the number of coins accessible to sellers decreases significantly.
This supply restriction, paired with the demand surge generated by the Upbit integration, likely enabled SKR to maintain elevated price levels despite weakness across broader cryptocurrency markets.
SKR serves as the native digital asset for Solana Mobile’s blockchain-integrated smartphone product line. The initiative has cultivated a committed community of early stakers since its inception.
As of publication, SKR was changing hands around $0.027 with trading volume maintaining heightened levels at $61.87 million over the preceding 24-hour window.
