KernelDAO’s (KERNEL) price soared by double digits following an Upbit announcement that the altcoin will be available in the Korean market.

Listing announcements tend to fuel bullish momentum for associated altcoins, particularly where a popular exchange such as Upbit, Binance or Coinbase is concerned.

Upbit to List KERNEL: All You Need to Know

Upbit said it would list KernelDAO’s KERNEL token on Tuesday, with trading scheduled for October 28, 16:30 KST. In the immediate aftermath, KERNEL price soared by over 23%.

KernelDAO (KERNEL) Price Performance. Source: TradingView

With this listing announcement, Upbit urged users to confirm the network before depositing their digital assets.

“Deposits or withdrawals made through networks other than the one listed will not be supported. If sufficient liquidity is not secured after this announcement, the start of trading may be delayed,” read an excerpt in the announcement.

Further, the largest Korean exchange on trading volume metrics indicated that the trading limit price will be determined based on the price provided in the Upbit BTC ($114,494.00) market.

Notably, the previous closing price in the BTC Market for KERNEL was 0.00000144 BTC, equivalent to approximately 243.3 KRW. Additional details that traders must note include:

• Upbit only supports deposits and withdrawals via the KERNEL–Ethereum network.
• The exchange does not process deposits made from exchanges not listed as Travel Rule–compliant, and refunds may take a long time.
• Only verified personal wallet addresses (confirmed under your name) are eligible for deposits and withdrawals.
• Large deposits from unclear sources may require proof of funds under Article 17(8) of the Terms of Use.

Meanwhile, KERNEL adds to the list of Upbit listings initiatives in October after Synfutures (F) token and Clearpool (CPOOL) last week. As BeInCrypto reported, the F token soared by 120% while CPOOL surged over 91%.

Based on this, KERNEL may be primed for further gains as listing exposes the altcoin to more liquidity and demand by extension.

The same goes for altcoin listings on exchanges like Binance, which fueled a 460% surge for RESOLV only recently after a listing announcement. In the same way, a Coinbase listing in late September propelled Centrifuge (CFG) and TROLL by double digits.

However, while such developments fuel early investor interest, traders should exercise vigilance lest exit liquidity catches them off guard. This often happens as investors cash in for quick profits. Such mechanics are a typical play of the buy-the-rumor-sell-the-news situation.

The Next Big Bet in Restaking?

KernelDAO is a restaking infrastructure project. It offers services such as restaking on the BNB ($1,136.64) Chain, supporting BNB Liquid Restaking Tokens (LRTs), and BTC restaking opportunities.

It also offers an Ethereum restaking protocol operating on the Ethereum chain, and a vault-style smart contract that manages staked ETH ($4,119.91), rsETH, and LST assets. KERNEL tokens are used for governance, restaking, and slashing insurance functions.

Investors’ interest in KernelDAO comes from its ability to leverage multiple functions under its unified governance token. This means using a single ecosystem rather than managing three different protocols.

The post KERNEL Soars 25% as Upbit Opens KRW Market — What’s Driving the Hype? appeared first on BeInCrypto.