Upbit, South Korea’s leading cryptocurrency exchange, has announced the listing of MANTRA (OM), a little over a month after the token suffered a major crash, which erased $5.5 billion in market capitalization. This move triggered a double-digit rise in OM’s price.
The exchange will also support trading for Access Protocol (ACS), GoChain (GO), Observer (OBSR), Quiztok (QTCON), and Rally (RLY).
MANTRA (OM) Secures Upbit Listing
According to Upbit’s official announcement, trading for OM will commence on May 21 at 15:00 Korea Standard Time (KST).
“Supported Markets: KRW, BTC, USDT Market. Trading opens at: 2025-05-21 15:00 KST (estimated time),” Upbit posted on X.
Notably, BeInCrypto data showed that Upbit’s latest announcement led to a 15.7% surge in OM. At the time of writing, the token’s price was $0.44.
Moreover, the trading volume rose by 154.4%, reflecting increased market activity and potential investor interest.
The listing comes after MANTRA’s (OM) catastrophic price crash on April 13, 2025. The crash, attributed to forced liquidations during low trading volume hours, saw OM’s price plummet by 90%, severely eroding investor confidence in MANTRA.
In response to the crisis, MANTRA’s CEO, John Patrick Mullin, announced plans to burn his entire allocation of 150 million team tokens. Additionally, MANTRA was working with partners on a further 150 million OM token burn, totaling 300 million OM being removed.
This initiative aimed to reduce the circulating supply and restore investor trust. While it provided a slight boost to the price, OM remains well below the $1 mark.
Meanwhile, in a separate announcement, Upbit confirmed that ACS, GO, OBSR, QTCON, and RLY will be available to trade in Tether (USDT) pairs. The trading for these five altcoins will go live on May 21 at 13:00 KST.
The market response was swift. GO and RLY led the charge, experiencing the highest gains of 105.8% and 136.3%, respectively, within minutes of the announcement. At press time, their gains have adjusted to 52.1% and 21.8%.
Furthermore, ACS saw a rise of 12%, OBSR increased by 6%, and QTCON gained 18%. Similar to GO and RLY, the tokens also saw a small correction.
At the time of writing, ACS was up 5.3%, OBSR 3.0%, and QTCON 4.4%. While these increases were more modest, they still reflect notable improvements in market sentiment and investor engagement.
These price movements highlight the market influence of Upbit. According to the latest data from CoinGecko, the exchange offers over 240 coins and holds a trust score of 8 out of 10. Additionally, its 24-hour trading volume stands at $1.81 billion.
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