Here’s why Sophon crypto rallied over 40% today

SOPH, the native token of the entertainment-focused Layer 2 network Sophon, saw a strong rally today after getting listed on South Korea’s major crypto exchange, Bithumb.

According to data from CoinGecko, Sophon ( SOPH ), the native token of the entertainment-focused Layer 2 network Sophon rallied as high as 445 ot an intraday high of $0.072 on June 3 Asian time while its market cap shot up to $138.5 million.

SOPH rallied in a high-volume trading environment, with data showing its daily trading volume surged by 236% over the past 24 hours. As of now, the altcoin has a circulating supply of 2 billion tokens out of a total supply of 10 billion SOPH tokens.

The key driver behind today’s gains appears to be its listing on Bithumb, which went live on June 2. As one of the largest and most influential exchanges in South Korea, a Bithumb listing often sparks major hype, bringing in a flood of new investors looking to ride the momentum.

However, that’s not the only catalyst. Recent updates from the team revealed that Sophon is partnering with NFT launchpad Mintify to launch exclusive NFT collections, further expanding its Web3 entertainment ecosystem.

On top of that, the team has announced a $4 million developer grant to build new applications and use cases on the Sophon network, which could drive long-term utility for SOPH. 

Together, these updates have amplified market optimism.

Sophon completed its token generation event on May 28, airdropping 900 million fully unlocked SOPH tokens, 600 million to L1 farmers, and 300 million to early users. Despite today’s strong performance, some profit-taking could occur in the short term as early airdrop receivers may look to lock in gains. 

As reported earlier by crypto.news, Huma Finance’s native token, HUMA, dropped by more than 45% shortly after its own launch across multiple major exchanges.

That said, SOPH may be better positioned to avoid a similar outcome. It already boasts listings on major platforms including Binance, Upbit, OKX, Gate.io, KuCoin, and Bitget, offering wide exposure and deep liquidity. This broad access could help stabilize prices even if the initial hype tapers off.