Rising against the trend by 30%! SYRUP becomes the biggest dark horse on the day of the encryption big dump, with major CEX in South Korea launching and igniting a local fear of missing out (FOMO) wave.

As Bitcoin fell below $116,000 and the entire market faced over $700 million in liquidations, the DeFi credit protocol Maple Finance's token SYRUP surged against the trend by 30%, with a weekly increase of 35%, only 7% away from its historical high. The key catalyst for this surge was the listing of SYRUP on South Korea's largest CEX (including KRW trading pairs), with the 24-hour volume skyrocketing by 177% to $809 million. Coupled with the ongoing voting on the MIP-018 governance proposal (which aims to increase the token buyback ratio from 20% to 25%) and the collaboration with Cantor Fitzgerald to expand on-chain credit, SYRUP's strong short-term momentum remains unchanged. Technically, $0.56-$0.58 serves as key support, while breaking through the historical high of $0.6532 could open up space to $0.70.

Market Anomaly: SYRUP Soars 30% in a Single Day, Standing Out Among the Crowd

Against the backdrop of a significant correction in the global cryptocurrency market (BTC fell below $116,000, with a 24-hour liquidation amount exceeding $700 million), the Maple Finance (SYRUP) token has emerged with an independent trend, standing out as a bright spot in a sea of green. In the past 24 hours, the price of SYRUP soared by 30% against the trend, with a rapid increase of 7% in less than an hour, showing exceptional performance.

As of the time of writing, the trading price of SYRUP is $0.614, having risen 35% over the past week, just about 7% away from its all-time high of $0.6532 set on July 25. This strong rise has been strongly supported by a surge in activity in the derivatives market.

Data evidence: Derivatives trading volume big pump by 177%, leverage betting surged.

The on-chain data platform Coinglass shows:

• 24-hour volume: soared to 809.91 million USD, an increase of 177.81%.
• Open Interest (OI): increased by 56.27% to $135.71 million. The synchronized surge in volume and open interest clearly indicates the high market speculation enthusiasm, and leveraged betting funds are rapidly flowing into SYRUP.

Core Catalyst: The Launch of Korea's Largest CEX Ignites Demand

The direct trigger for this big pump was the official launch of SYRUP on South Korea's largest cryptocurrency exchange on July 25. Trading started at 06:00 UTC.

• New trading pairs: The CEX has launched the SYRUP/KRW (Korean Won), SYRUP/BTC, and SYRUP/USDT spot trading pairs.
• Market Significance: This move significantly enhances the liquidity and market visibility of SYRUP, opening up a participation channel for the large retail and institutional investors in South Korea. Earlier this month, SYRUP has successively landed on two mainstream CEXs, and the addition of a leading CEX in South Korea marks a key advancement in its mainstreaming process.

Marketing Boost: CEX Spends 228,000 SYRUP Rewards to Create Hype

To attract user participation, the CEX has simultaneously launched a marketing campaign:

• Prize pool size: Provides up to 228,000 SYRUP as rewards.
• Super Grand Prize: On July 24, a lucky participant won the "Super Jackpot" worth approximately $6,666.
• Prize rules: Winners must claim their prizes within 24 hours after the draw. Such activities effectively stimulate the trading enthusiasm and FOMO emotions of Korean retail investors, especially those in the "kimchi premium" group.

Long-term value support: Governance upgrades and institutional cooperation in parallel

In addition to the favorable conditions from the exchange, the positive development of the Maple Finance ecosystem also provides potential value support for SYRUP:

1. MIP-018 Governance Proposal Voting:
   1. The community is voting on proposal MIP-018.
   2. Core content: The proportion of protocol revenue intended for Token buyback will be increased from the current 20% to 25%.
2. Potential Impact: If the proposal is passed, it will increase market buying pressure, which may enhance the long-term value of SYRUP and staking rewards, constituting a substantial benefit for holders.
3. Institutional Cooperation Expansion:
   1. Maple Finance recently announced a partnership with the globally renowned financial institution Cantor Fitzgerald.
   2. Cooperation Objective: Aimed at enhancing institutional investors' participation and accessibility in the Maple on-chain credit market. This move is expected to bring more stable funding flow and wider recognition to the protocol.

Technical Analysis: The upward trend is intact, key levels guide the direction.

From the technical chart observation, SYRUP has shown a typical upward trend of "higher highs and higher lows" over the past week, and the overall structure remains bullish.

• Key support: The short-term important support area on the daily chart is between $0.56 and $0.58, which is the consolidation range before this big pump. As long as the price remains above this area, the bullish structure remains intact.
• Momentum Indicator:
  • Relative Strength Index (RSI): Current reading 67, approaching overbought territory (70+), but not yet showing momentum exhaustion.
  • MACD Indicator: Although the histogram is flattening, indicating a slight slowdown in upward momentum, the fast and slow lines remain above the zero axis in the positive area, maintaining a bullish signal.
  • Bollinger Bands: The bandwidth continues to expand, indicating a significant increase in volatility; the price is running closely to the upper band, indicating that the current buying pressure remains dominant.

Market Outlook:

• Upward breakout: If the price can successfully close above the historical high of $0.6532, supported by the ongoing popularity of derivatives and exchange traffic, it is expected to open up further room for rise, with the next target looking towards $0.70.
• Downside risk: If the price falls below the key support area $0.56, it could trigger a deeper pullback, with the next support area at $0.50 - $0.52.

Conclusion:

On the "Crypto Black Friday" filled with sorrow, SYRUP surged by 30% against the trend, thanks to the strong catalyst of being listed on the Upbit exchange in South Korea, with trading volume skyrocketing by 177%, showcasing a stunning independent market performance. In the short term, the FOMO sentiment of South Korean retail investors and leveraged funds in derivatives remain the main drivers; in the medium to long term, the voting results of the MIP-018 governance proposal (increasing the token buyback ratio) and the collaboration with Cantor Fitzgerald provide deeper support for SYRUP's value. Technically, $0.56-$0.58 is the dividing line between bulls and bears. If it can hold and break through the previous high of $0.6532, it is expected to challenge the $0.70 mark. While investors chase high volatility returns, they also need to closely monitor the gains and losses of key support levels and the overall market sentiment changes.