Decentralized finance (DeFi) protocol Maple Finance (SYRUP) has dispelled bearish crypto sentiment, surging by 23% in the past 24 hours after its listing on Upbit, South Korea’s largest exchange.
Daily trading volume skyrocketed from $230 million to $862 million following the listing as traders rushed to purchase SYRUP, even amid a broader pullback in the crypto market.
Bitcoin retreated to $116,000 on Monday, while assets like SOL also struggled, dropping another 2% to $180, erasing the previous four days of gains.
SYRUP is positioned for further upside, especially in light of governance proposal MIP-018, which recommends increasing token buybacks with protocol revenue. Voting commenced on July 25.
Technically, SYRUP is in a strong breakout zone, with the recent move supported by substantial volume and momentum. It briefly reached a new record high on Friday, hitting 68 cents before settling back to 59 cents.
Read more: Bitcoin Slides to $115K as Dow Jones’ Rally Stalls at December-January High
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