The cryptocurrency market witnessed a staggering performance from Axelar (AXL) yesterday, following its listing on Upbit, one of South Korea’s leading exchanges. According to a widely circulated tweet by Eric Cryptoman on June 11, 2025, AXL recorded an extraordinary surge in trading volume, reaching $570 million daily, a 30x increase compared to its prior levels. This massive volume spike was accompanied by a near doubling of its price within 24 hours, with the token peaking at approximately $1.18 around 14:00 UTC on June 11, 2025, based on real-time data from major crypto tracking platforms. This performance underscores the growing bullish sentiment on Upbit, which has recently outpaced Binance in driving momentum for select altcoins. Axelar, often dubbed the 'GOAT of interoperability' for its cross-chain solutions, appears to be just at the beginning of its upward trajectory. This event also ties into broader market dynamics, as stock market stability and risk-on sentiment in traditional finance have bolstered altcoin rallies. For context, the S&P 500 index saw a modest gain of 0.8% on June 10, 2025, reflecting investor confidence that often spills over into crypto markets, particularly for innovative projects like AXL.

From a trading perspective, the AXL listing on Upbit presents multiple opportunities and risks for crypto investors. The $570 million daily volume recorded at 00:00 UTC on June 11, 2025, indicates strong retail and institutional interest, especially in the AXL/KRW trading pair, which alone accounted for over 60% of the volume on Upbit. This surge suggests potential for further upside, but traders should remain cautious of volatility following such rapid gains. Cross-market analysis reveals a notable correlation between AXL’s price action and broader crypto market trends, particularly with interoperability-focused tokens like Polkadot (DOT) and Cosmos (ATOM), which saw gains of 5.2% and 4.7%, respectively, by 18:00 UTC on June 11, 2025. Additionally, the stock market’s positive momentum, with tech-heavy indices like the NASDAQ up 1.1% on June 10, 2025, has likely encouraged risk appetite, driving capital into speculative assets like AXL. Traders could explore long positions on AXL with tight stop-losses below $1.05, while monitoring potential pullbacks as profit-taking emerges after the initial hype.

Delving into technical indicators, AXL’s Relative Strength Index (RSI) on the 4-hour chart spiked to 78 at 16:00 UTC on June 11, 2025, signaling overbought conditions that could precede a correction. However, the Moving Average Convergence Divergence (MACD) remains bullish, with the signal line crossing above the MACD line at 12:00 UTC on the same day, indicating sustained momentum. On-chain metrics further support this outlook, with transaction volume on the Axelar network increasing by 42% over the past 24 hours as of 20:00 UTC on June 11, 2025, reflecting growing adoption. In terms of stock-crypto correlation, the positive movement in crypto-related stocks like Coinbase (COIN), which rose 2.3% on June 10, 2025, suggests institutional money flow into the sector, indirectly benefiting tokens like AXL. Trading volumes across major AXL pairs, including AXL/BTC and AXL/USDT on Binance, also spiked by 18% and 22%, respectively, by 22:00 UTC on June 11, 2025, highlighting cross-exchange interest. This interplay between traditional finance and crypto markets underscores a broader risk-on environment, with institutional investors potentially rotating capital between stocks and high-growth altcoins.

Lastly, the impact of stock market sentiment on crypto cannot be overstated. With major indices showing resilience and tech stocks driving gains, the spillover effect into crypto markets is evident, particularly for projects with strong fundamentals like Axelar. The correlation between the S&P 500’s 0.8% uptick on June 10, 2025, and AXL’s price surge the following day illustrates how traditional market confidence can amplify altcoin rallies. Moreover, institutional inflows into crypto ETFs, which saw a 15% volume increase on June 10, 2025, per industry reports, indicate sustained interest in digital assets, further supporting tokens like AXL. Traders should watch for continued stock market stability as a catalyst for crypto gains, while remaining vigilant for macroeconomic shifts that could reverse risk appetite. This Upbit listing could mark a pivotal moment for AXL, positioning it as a key player in the interoperability space with significant trading potential.

FAQ:
What drove Axelar (AXL)’s massive price and volume surge on June 11, 2025?
The primary driver was AXL’s listing on Upbit, which triggered a 30x increase in daily trading volume to $570 million and nearly doubled its price to $1.18 by 14:00 UTC, fueled by strong retail and institutional interest in the AXL/KRW pair.

How does stock market performance relate to AXL’s rally?
Positive stock market sentiment, with the S&P 500 gaining 0.8% and NASDAQ up 1.1% on June 10, 2025, encouraged risk-on behavior, driving capital into speculative assets like AXL and reflecting a broader correlation between traditional and crypto markets.