---
title: "MINA Token Surges 120% in a Day, Here’s The Possible Reason"
url: https://diffcoin.com/mina-token-surges-120-in-a-day-heres-the-possible-reason/
description: "MINA token has neared an all-time high with a 120% gain after the Upbit announcement."
published: 2023-10-24
updated: 2023-10-24
author: "Mila"
site: "Diffcoin"
---

# MINA Token Surges 120% in a Day, Here’s The Possible Reason

Mina Protocol’s native token – MINA – is leading the altcoin rally amid a new-found resurgence that propelled a surge of nearly 120% over the past day. The crypto asset climbed to $0.91 on October 24th.

The latest price action pushed MINA to levels last seen in March this year, but the token has lost some steam and currently sits below its local peak.

![MinaUSD. Source: TradingView](data:image/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAxNzkzIDc2NSIgd2lkdGg9IjE3OTMiIGhlaWdodD0iNzY1IiBkYXRhLXU9Imh0dHBzJTNBJTJGJTJGY3J5cHRvcG90YXRvLmNvbSUyRndwLWNvbnRlbnQlMkZ1cGxvYWRzJTJGMjAyMyUyRjEwJTJGTWluYVVTRC5wbmciIGRhdGEtdz0iMTc5MyIgZGF0YS1oPSI3NjUiIGRhdGEtYmlwPSIiPjwvc3ZnPg==)

MinaUSD. Source: TradingView

- The reason for the abrupt surge can be attributed to South Korea’s largest exchange, UpBit, announcing that it will list MINA’s Korean fiat currency trading pair.
- As per the announcement, deposits made to UpBit must be made on the MINA network, and deposits from other blockchains, such as the Binance Smart Chain, cannot be supported.
- The crypto exchange also said that it plans to enforce various limitations on trading for MINA.
- Mina was initially known as Coda Protocol. It underwent a rebranding in August 2019 due to a legal dispute initiated by R3, an enterprise blockchain company that also utilized the name Coda for its protocol.
- In terms of funding, the company secured $3.5 million in May 2018 and an additional $15 million in April 2019.
- Prominent backers include Circle, Coinbase Ventures, FTX Ventures, the now-defunct hedge fund Three Arrows Capital (3AC), and Dragonfly Capital.
- The Mina blockchain is currently under the governance of the Mina Foundation, a nonprofit organization responsible for overseeing the network, drawing parallels to the Ethereum Foundation.

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