The short version
- Nillion price jumped 44% in one minute on October 27, from $0.0972 to $0.1397 on Binance, as Upbit said it will add NIL to its Korean won market.
- NIL already traded in Upbit’s thin BTC and USDT markets; the won pair is where Korean retail trades, and Binance did $6.6 million of NIL in five minutes.
- The crew is watching $0.0972, the price before the notice; in our check of 25 recent Upbit won listings, 24 were below their first-hour high a day later.
The Nillion price jumped 44% in a single minute on Tuesday after Upbit, South Korea’s biggest exchange, said it will add NIL to its Korean won market. On Binance, NIL went from $0.0972 to $0.1397 as the notice landed at about 07:30 UTC. At the time of writing it trades near $0.119.
The KRW-NIL market is already listed on Upbit, but won trading had not started at the time of writing. So is this the start of a bigger run, or the top?
Nillion explained what it is building in this thread on Covenants, the feature behind its “Encrypted Markets”:
Covenants are the primitive behind Nillion's Encrypted Markets.
They let you seal an instruction to a condition, post it onchain encrypted, and have it unlock only when that condition is met.
Dusk is the first place to build with it.
🧵👇
Why Did the Nillion Price Jump?
Because a won pair is where Korean retail actually trades. NIL is not new to Upbit: it has sat in Upbit’s much smaller BTC and USDT markets since August 21, 2026. Those markets are thin. In the hour before the notice, the USDT pair traded about $4,000 of NIL. The won market is a different crowd, and the Upbit KRW-NIL market puts NIL in front of it.
Traders outside Korea moved first. Binance traded about $6.6 million of NIL in the five minutes after the notice, more than its average full day of about $5 million over the past month. Upbit already flags NIL’s BTC market for soaring volume and its USDT market for a price gap with other exchanges.
NIL had also climbed about 9% in the hour before the notice, from $0.089 to $0.097.
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What Usually Happens After an Upbit Listing?
The first hour is usually the top. When Bubblemaps got its won pair on Saturday, we checked the 25 tokens Upbit added to its won market since August 1: 24 of them traded below their first-hour high a day later, by a median of 23%. BMT, the Bubblemaps token, peaked 16 minutes into Upbit trading and was 53% below that peak within hours. That study is in our Bubblemaps Upbit listing piece.
The NIL Upbit listing also comes on top of a big run. NIL bottomed at $0.0274 on August 1 and peaked at $0.1495 on September 24. CoinGecko puts its market value at about $63 million at the time of writing, with 513 million of its roughly 1 billion tokens in circulation.
For the Nillion price, the level to watch is $0.0972, the price right before the notice. A close back under it would hand back the whole listing move. Above, the September 24 high at $0.1495 is the next wall.
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