The price of XTZ, the token of Tezos, has risen 10 percent in the last 24 hours and attracted attention with this rise. Although there is no development related to the project, the volume coming from Asia, especially South Korea, is driving the price up.

XTZ, one of the most talked about tokens of the past, has been in a sharp price movement since yesterday evening. Especially in an environment where crypto markets have fallen due to the Israeli-Palestinian war, this rise seems to originate from Asia and especially South Korea.

Reached 123 million dollars

The rise of XTZ, the token of the first tier project, is being driven by South Korean investors, who are known for “pumping” the price at certain periods. XTZ volume on the Upbit exchange has increased significantly since yesterday evening, with the total reaching $123 million yesterday. In the last 30 days, this figure was $16.8 million.

In addition to Upbit, volume was also high on Binance, BiONE and XT.com exchanges. BiONE and XT exchanges are also known as Asia-focused platforms.

The sharp rise in price led to the liquidation of nearly $500,000 dollars of positions. This figure was the highest in the last 3 months in token liquidations.

It’s happened before

As you may recall, Bitcoin Cash (BCH), Aptos (APT), 1inch (1INCH), and Immutable (IMX) projects’ tokens have risen sharply in recent months, and the impact of South Korean investors was also seen here. After a strong rise, these tokens also showed a downward trend.

Image: Rafael Henrique/SOPA Images/LightRocket via Getty Images