The cryptocurrency market has a mixed outlook today. Leading cryptocurrency Bitcoin is trading just below the $38,000 it temporarily captured. However, on daily charts, Bitcoin and most altcoins are moving in the red zone. However, there are those who leave the market. An altcoin, which was included in the list of South Korea’s giant crypto exchange Upbit, made a vertical rise following its announcement.
Altcoin price skyrocketed after Upbit listing!
As you follow from Kriptokoin.com, red color dominates the market today. However, there are also tokens that dive deeper into the green zone. One of these was Space ID Token (ID), which was listed on the Upbit exchange. Following the listing announcement, the altcoin price increased by 40%. This frenzy once again underlines the profound impact of the FOMO (Fear of Missing Out) effect originating from the Korean market. On November 30, 2023, Upbit, a leading trading platform, publicly announced its decision to list Space ID and combine it with BTC for trading.
https://twitter.com/Official_Upbit/status/1730097569559363858
The price of the ID token pumped rapidly, reaching $0.366 from its previous value of $0.26. Thus, the token increased by a staggering 40%. However, the altcoin then started to lose ground. Thus, the current value retreated slightly to around $0.32. Meanwhile, the 24-hour trading volume of the token was 157 million dollars.
4-hour chart on ID Binance. Source: TradingView“Upbit listing” phenomenon and Space ID Token
This event once again emphasizes the importance of the “Upbit listing” phenomenon for altcoin projects. It also shows the broader effects of the FOMO effect, which is particularly prevalent in the Korean market. Upbit stands as a dominant exchange in South Korea, holding a staggering 80% market share and consistently sparking bullish candles after announcing the listing of a particular coin.
Space ID joins a number of similar examples before its rise, reminiscent of MINA’s more than 50% surge on October 24 following the Upbit listing. Space ID, described as the 30th Binance Launchpad project, made its debut in March 2023. At that time, approximately 104,000 Binance users locked up 8.6 billion BNB to participate in the Space ID launchpad. It also recorded a staggering 1,170-fold increase in demand. The meteoric rise pattern in tokens of altcoin projects listed on Upbit reflects the intense interest and investment enthusiasm in the Korean market. It also increases the impact of exchange listings on token values. The Space ID token’s trajectory serves as another case illustrating the power of strategic listings and the palpable FOMO effect in the ever-evolving cryptocurrency landscape.
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