What to know:
SYRUP gained 23% in 24 hours after being listed on South Korea’s top exchange, Upbit, with trading volume jumping from $230M to $862M.
The rally comes amid a market downturn, as BTC fell to $116,000 and SOL slipped 2%, erasing recent gains.
Governance proposal MIP-018, calling for increased token buybacks, along with strong technical breakout signals, is bolstering bullish sentiment.
Decentralized finance (DeFi) protocol Maple Finance (SYRUP) has swept away any bearish crypto sentiment, rising by 23% in the past 24 hours after it was listed on Upbit, South Korea's largest exchange.
Daily volume increased from $230 million to $862 million after the listing as traders poured in to buy SYRUP despite a wider crypto market pullback.
BTC retreated back to $116,000 on Monday as assets like SOL also failed to impress, sliding another 2% to $180 to erode the previous four days of gains.
SYRUP is also well poised for continuation to the upside in light of governance proposal MIP-018, which suggests increasing token buybacks using protocol revenue. Voting began on July 25.
From a technical perspective, SYRUP is in clear breakout territory with the move being backed by significant volume and momentum. It spiked to momentarily form a new record high on Friday, touching 68 cents before retreating back to 59 cents.
