In the past 24 hours, the price of the Maple Finance token (SYRUP) has surged more than 36%, placing it at the top of the daily gainers list.
According to CoinMarketCap data, the main catalyst came from South Korea. Upbit, which accounts for nearly 80% of South Korea’s crypto trading volume, officially listed SYRUP on July 25 at 6:00 AM UTC. Available trading pairs include SYRUP/KRW, SYRUP/BTC, and SYRUP/USDT.
Shortly after the announcement, SYRUP trading volume exploded by 374% to reach $635 million. Korean traders are known to favor tokens with low supply and market caps under $1 billion, and SYRUP, with its current market cap of $764 million, has become a hot asset.
Massive accumulation has also driven the price. On-chain metrics reveal a 248% increase in whale-held tokens since July 22, now totaling 3.3 million. Meanwhile, the number of SYRUP tokens on exchanges has actually decreased by 1.7% in the past week, indicating easing selling pressure.
SYRUP ecosystem gains strength as institutions and metrics align
On the other hand, institutional activity is also quite noticeable. Maple Finance, the protocol behind the SYRUP ecosystem, saw its assets under management (AUM) surge to $2.6 billion. Interestingly, that figure represents a 231% increase in just three months.
Furthermore, the community is working on proposal MIP-018, which would increase the portion of revenue allocated for token buybacks from 20% to 25%. Voting for this proposal officially opened on July 25th. If approved, the impact could be felt immediately on staking yields, which will undoubtedly attract the attention of large token holders.
Technically, bullish signals are also supporting the situation. The Relative Strength Index (RSI) indicator is at 77, indicating a strong uptrend, although it is approaching overbought territory. A positive crossover in the MACD also provides further confirmation that this trend is not over. Not only that, the decline in token reserves on the exchange to 299 million is also an interesting signal.