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On the day of the announcement, VIRTUAL, the native token of the Virtuals Protocol, an AI agent generator platform, experienced a significant price increase during European trading hours. The surge, amounting to a 28% rise to $2.61, approached the downtrend line that has defined the sell-off since the token’s record high of about $5.25 on January 2, according to data from TradingView and CoinDesk.
The price jump was a direct consequence of Upbit, South Korea’s leading cryptocurrency exchange, deciding to list VIRTUAL in three different markets: VIRTUAL/KRW, VIRTUAL/USDT, and VIRTUAL/BTC. This move opens the token to a broader market of altcoin traders in Korea, known for their enthusiasm in the cryptocurrency space.
Earlier in the month, Virtuals Protocol had revealed a new initiative aimed at reducing the number of ecosystem agent tokens in circulation. The protocol indicated that it would use nearly 13 million VIRTUAL tokens, which had been accumulated as income from post-bonding trading, to buy back and destroy these tokens.
Additionally, Virtuals Protocol has been making strategic expansions. It recently extended its reach to the Solana blockchain through LayerZero, introducing a Meteora pool to boost trading activity and engagement within its ecosystem.
Furthermore, the protocol announced the establishment of a SOL reserve, which will be funded by converting 1% of trading fees into SOL, the native cryptocurrency of the Solana network.
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