Upbit Demand Explodes…How Far Will Bio Protocol (BIO) Surge Continue?

▲ Bio Protocol (Bio Protocol, BIO)/Source: X

BIO surged over 8% in a single day, driven by an explosion in Upbit trading volume and overheated subscription demand.

According to cryptocurrency market data aggregator CoinMarketCap on May 3 (local time), Bio Protocol (Bio Protocol, BIO) recorded an 8.03% increase over 24 hours, reaching $0.0627, showing a strong upward trend compared to the stagnant overall market.

The key background for this surge is the concentration of demand on a specific exchange. In particular, a surge in trading volume on Upbit created an 'Extreme Greed' sentiment, and simultaneously, the ongoing 'Ignition' token sale showed an oversubscription of approximately 10 times, driving up the price due to expectations of supply shortage.

This trend is characterized by a surge based on speculative demand from individual investors rather than institutional fund inflows, coupled with successful fundraising. Moving forward, the sustained trading volume on Upbit and the conclusion of the token sale, expected around mid-May, are anticipated to be key variables.

Positive signals are also continuing on the ecosystem front. Recently, a winning project in the DeSci category at the Solana and Bio Protocol hackathon gained attention, strengthening ecosystem credibility. Concurrently, the altcoin season index rose by 2.5% over 24 hours, indicating a flow of some funds into small and medium-sized coins.

In the short term, $0.055 is acting as a key support level; if maintained, there is potential to retest the $0.065 resistance level. Conversely, if the support level collapses, a correction down to the $0.05 level is also a possibility.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*