Pocket Network (POKT)’s Price Surges By 90% Following Upbit Listing Announcement

Key Points

• POKT is currently trading at $0.34, up by about 70% in the past 24 hours on CoinMarketCap after rising by approximately 90% earlier.
• The price surge comes right after an announcement from Upbit regarding the listing of Pocket Network POKT’s BTC and USDT trading pairs today.

Pocket Network‘s POKT saw a surge in price of about 90% in the past 24 hours, POKT reaching $0.46.

At the moment of writing this article, POKT is trading in the green on CoinMarketCap, and the coin is priced at $0.33, about 70% up in the past 24 hours.

The Project Network’s team announced on their X account that the Upbit exchange will list POKT’s Bitcoin (BTC) and USDT trading pairs.

The announcement was followed by high price volatility for POKT. Users on X are calling out Binance and Coinbase, saying that now, the ball is in their court, and more listings for POKT should follow.

Pocket Network is a decentralized blockchain data platform. The protocol is built to connect any blockchain and services that the data demands of Web3 dApps.

The project uses cost-effective economics in order to coordinate and distribute data at scale. The POKT token is used to facilitate the service of the protocol.

The Pocket Network nodes serve as the intermediary layer that links over 50 blockchains supported by the protocol with ecosystems of decentralized applications (dApps) that require data from the chain.

The network operates on a Proof-of-Stake (PoS) consensus mechanism, providing dApps with scalability and data consistency.

POKT primary functions

POKT is the native utility token that serves as the currency for the Pocket Network ecosystem. It is used by both node runners and Web3 developers. The token has two primary functions.

First of all, it is used for staking nodes on the network, which enables node runners to service blockchain data requests and earn POKT rewards.

Also, developers can use the Pocket Portal to connect to the Pocket Network and start using decentralized infrastructure for their applications. By staking POKT tokens, developers get access to the Pocket Portal and can leverage decentralized endpoints in just a few clicks.

The Pocket Portal also offers a free tier of 1M data relays per day.

Last week, the Pocket Network announced the most important highlights, the main one being the launch of the private testnet for POKT Shannon.

POKT’s price continues to see huge volatility following the Upbit announcement.