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Share link:In this post: Nervos Network (CKB) had an almost vertical weekly rally after an Upbit listing. The South Korean exchange now carries more than 64% of CKB volumes. Nervos Network relies on a mix of mining and DAO staking to keep its inflation in check and reward participants.
Nervos Network (CKB) went through an almost vertical rally this week, after a recent Upbit listing. Volumes on the South Korean exchange keep propping up the asset, causing temporary price disparities.
Nervos Network (CKB) was the latest token to pop off, speeding ahead of the market’s recovery. CKB peaked at $0.020, but price action remains strong. In the past week, CKB also carried a premium on Upbit, rising as high as $0.04 in the Korean won equivalent.
CKB rallied by more than 113% in the past week, doubling its trading volumes to nearly $600M in a single day. The asset, with its relatively low price, may have an even greater breakout, as its all-time peak is only at $0.036.
Binance suspended CKB withdrawals again
Just after the Upbit trading, Binance withdrawals of CKB were suspended. Users complained of not being able to move their coins. In the past, Binance has suspended CKB withdrawals during turbulent times.
This time around, Binance saw a surge in withdrawals right before suspending CKB, possibly due to a backlog of transactions. The first news of suspended transactions appeared in the past week, just before the CKB rally. At that time, CKB was already trading at a premium on some exchanges, with the potential for arbitrage. Bybit was also offering double the Binance rates, but not all traders managed to withdraw.
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