IOST Token Price Jumps 50% on Upbit Listing

IOST made some serious moves in the early hours of this morning, gaining 50% on its original starting price of $0.024 and peaking at $0.036 just a few hours later.

The surge was accompanied by an increase in the daily volume to the tune of $140 million – or a 740% increase on the $19 million recorded at the start of the day. The token price has since corrected back to $0.031, but the daily volume has only continued to grow, suggesting whatever’s moving IOST isn’t finished yet.

The sudden surge may set alarm bells ringing, especially in the wake of Bitcoin Diamond’s recent spate of pump and dumps. But there could be other factors at play behind IOST’s sudden lurch upward this morning.

Referral Program Underway

The IOS Foundation took to Medium at the start of the week to announce the start of a seven-day long referral program. In what basically amounts to a bounty program, IOS community members will be rewarded from a pool of over 2.5 million IOST tokens for referring people to the recently launched IOS community hub.

The programme is currently underway, and while the sudden influx of volume can’t be explained by this alone, it may have acted as a catalyst for traders to get in before what they expected to be a healthy boost to IOST’s market cap.

The first 10,000 referrers will get 600 IOST tokens as a reward, with the sums declining as the week goes on. At the current token price that’s around $18 dollars, but that could easily change to $12 or $24 before the day’s finished.

IOST Listed on Upbit

The IOS team tweeted out an announcement last night that coincides exactly with the token’s second surge of the day. Around eight hours ago at the time of writing, or around 4.30am (UTC), IOS announced their token’s listing on the Upbit exchange. As the tweet stated:

“More big news for #IOST! We are officially being listed on #Upbit, Korea’s biggest exchange and the fifth largest exchange in the world! With 500K supporters from over 150 countries, IOST is truly a global blockchain project growing stronger every day!”

At that time the daily volume was still only at $60 million – less than half what it would eventually reach a few hours later. Online statistics aggregators haven’t registered any movement on Upbit as of this moment, with 70% of the day’s trades still originating from Binance and Huobi, where BTC and USDT trades make up the majority.

Often times the market manipulators coordinate their token pumps to line up with a big team announcement, in an attempt to camouflage their actions. The 740% increase to the daily volume certainly raises questions, but for the time being I’m going to give an altcoin the benefit of the doubt.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.