The MINA token, the driving force behind the zero-knowledge (ZK) proof-powered Mina Protocol, has been making waves in the crypto world, nearly doubling in value within a week.
As of its last trading session, MINA was valued at $0.76, representing an astonishing 63% surge over the past 24 hours, according to CoinGecko.
At its peak earlier in the week, MINA's price gain even touched 100%, a testament to the crypto's meteoric rise.
The Mina Protocol distinguishes itself as the world's "lightest" blockchain, a feat achieved through its small and consistent blocksize. Thanks to ZK proof technology, this blocksize remains unaltered regardless of the number of transactions or smart contracts active on the network.
At the time of this surge, MINA boasted a market capitalization of approximately $750 million. The primary driver of this upward momentum was the announcement from the major South Korean crypto exchange Upbit, revealing its plans to list the MINA token.
Upbit's decision to list MINA on its platform opens the floodgates for potential retail crypto investors, a noteworthy development, considering South Korea's high crypto adoption rates.
It's essential to highlight that South Korea ranks among the world's leading countries in terms of crypto adoption and ownership, making any listings on its exchanges of significant consequence.
Upbit's specific requirement for MINA deposits to be made via the Mina Protocol's blockchain is expected to drive increased on-chain activity, further supporting the protocol's growth.
The surge in MINA's price also coincides with a broader rally in the cryptocurrency market, driven by optimism that the US Securities and Exchange Commission (SEC) will soon approve Bitcoin ETFs.
MINA's remarkable surge in recent weeks has propelled it beyond a key long-term resistance level situated around $0.50. This level was particularly significant, serving as the convergence point for the downtrend from late 2021 highs, the 200-day moving average, and the support-turned-resistance from mid-2023.
This breakthrough beyond the crucial $0.50 level has acted as a potent catalyst for further technical buying, suggesting that the upward momentum may continue. The bulls now seem to be setting their sights on testing the 2023 highs in the $1.23 range.
If this surge persists, bullish targets extend to the March 2022 lows, located near $1.60, and ultimately, the late 2021 highs at $6.60. These levels could come into play if a new bull run for MINA materializes in 2024.
The Mina Protocol is hailed as one of the most advanced blockchains in the market, boasting ZK proof technology that provides security, decentralization, speed, and cost-efficiency akin to any other blockchain. Despite its current market cap of around $750 million, MINA's potential for further upside remains substantial, particularly as the Mina Protocol continues to gain traction and adoption.
Backed by prominent investors like Coinbase, MINA has the potential to make substantial gains, possibly reaching a market cap of $75 billion in the future.