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Within a week, Drift Protocol (DRIFT) saw its price rise from $0.38 to $2.60, marking a 584% surge.
According to CoinGecko, it reached its ATH of $2.60 on November 9. However, a sharp correction has since pulled the price down by 40%, with DRIFT now trading at $1.56.
What Drove DRIFT’s 500% Increase?
The rapid price increase from November 8 to November 9 aligns with two major announcements.
First, UPbit, a leading South Korean exchange, announced its listing of DRIFT on November 8. It is now tradable against the South Korean won (KRW), Bitcoin (BTC), and Tether (USDT).
Drift (DRIFT) Market Support
✅ Supported Market: KRW, BTC, USDT Market
📅 Trading opens at: 2024-11-08 18:00 KST (estimated time)
🔗 Discover more: https://t.co/6aYlc3ZKl6 #Upbit #DRIFT pic.twitter.com/G1iJpk2mZf— Upbit Korea (@Official_Upbit) November 8, 2024
Second, on the same day, Binance introduced DRIFT for futures trading, with leverage up to 75x. Binance, the world’s largest crypto exchange, has a track record of spurring token growth following new listings.
#Binance Futures will launch the USDⓈ-Margined $GRASS @getgrass_io$DRIFT @DriftProtocol $SWELL @swellnetworkio
Perpetual Contracts at Nov 8 2024, 15:30 (UTC), 15:45 (UTC), 16:00 (UTC) respectively.
Read more ➡️ https://t.co/f7FEafbPg2 pic.twitter.com/gZiLdEXs1D
— Binance Futures (@BinanceFutures) November 8, 2024
Alongside DRIFT, Binance also listed Grass (GRASS) and Swell Network (SWELL) for futures trading, which saw similar upward trends. GRASS reached its ATH of $3.89.
SWELL followed the path of DRIFT and GRASS, and also hit its ATH, but a day later. The token’s price rose to $0.06955 on November 9.
Solana Ecosystem Growth in This Week
Drift is a decentralized exchange (DEX) within the Solana (SOL) ecosystem. It offers advanced trading options beyond spot trading.
This week, Solana reached $200, surpassing $200 for the first time since April, boosting several decentralized finance (DeFi) projects on Solana.
According to DeFiLlama, Drift now ranks 7th among Solana protocols by Total Value Locked (TVL), with a 25.66% increase in the past week, reaching $628.54 million.
It’s interesting to note that Kamino (KMNO) currently holds the second spot in TVL, moving ahead of Jupiter (JUP). We previously wrote about KMNO reaching its ATH on November 9.
If you’re interested in DeFi, another project might catch your eye.
Flockerz stands out as a true decentralized crypto token, allowing holders to influence key project decisions and earn $FLOCK for every vote cast. By staking $FLOCK, you unlock rewards through its unique token breeding mechanism.
