South Korea's largest cryptocurrency exchange, Upbit, listed Seeker (SKR) for spot trading on Tuesday, Feb. 24, at 4 p.m. KST, adding KRW, BTC, and USDT pairs.
The token surged 72% on the day to approximately $0.031, pushing its market capitalization above $175 million.
SKR is the native governance and utility token of the Solana (SOL) Mobile ecosystem, tied to the Seeker - a second-generation Android smartphone pre-loaded with a hardware Seed Vault wallet and a native Solana dApp store.
What Happened
Upbit applied standard new-listing controls: buy orders were restricted for the first five minutes, and sell orders below 10% of the prior day's closing price were blocked for the same window.
All order types except limit orders remained restricted for the first two hours. SKR transfers are supported exclusively on the Solana network using contract address SKRbvo6Gf7GondiT3BbTfuRDPqLWei4j2Qy2NPGZhW3.
The token launched on Jan. 21, 2026 via a hardware-linked airdrop: approximately 2 billion SKR - 20% of the total 10 billion supply - were distributed to 100,908 Seeker device users and 188 Season 1 developers.
Over 40% of claimed tokens were staked within the first week. Annual inflation begins at 10%, decreasing 25% per year until stabilizing at 2%.
Why It Matters
The Upbit listing extends a series of centralized exchange additions that began with Indodax (Feb. 5) and includes MEXC, Bybit, Gate, and KuCoin. Prior to the Upbit debut, SKR's all-time high was $0.0569, reached the day after its TGE on Jan. 22.
A material supply overhang remains: team and Solana Labs tokens are subject to a one-year cliff expiring in January 2027, followed by a three-year vesting schedule covering 25% of total supply. Circulating supply currently stands at approximately 5.3 billion tokens, according to CoinMarketCap.
Whether exchange-driven price momentum holds past the initial listing window depends on sustained on-chain activity - the Seeker ecosystem logged 9 million transactions and $2.6 billion in volume across 265 dApps during Season 1, per Solana Mobile's own figures, though no independent verification of those numbers has been published.
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