Decentralized finance (DeFi) protocol Maple Finance (SYRUP) has swept away any bearish crypto sentiment, rising by 23% in the past 24 hours after it was listed on Upbit, South Korea's largest exchange.
Daily volume increased from $230 million to $862 million after the listing as traders poured in to buy SYRUP despite a wider crypto market pullback.
BTC retreated back to $116,000 on Monday as assets like SOL also failed to impress, sliding another 2% to $180 to erode the previous four days of gains.
SYRUP is also well poised for continuation to the upside in light of governance proposal MIP-018, which suggests increasing token buybacks using protocol revenue. Voting began on July 25.
From a technical perspective, SYRUP is in clear breakout territory with the move being backed by significant volume and momentum. It spiked to momentarily form a new record high on Friday, touching 68 cents before retreating back to 59 cents.
Read more: Bitcoin Slides to $115K as Dow Jones' Rally Stalls at December-January High