As a seasoned crypto investor with roots deeply entrenched in the dynamic world of digital assets, I find myself intrigued by the recent trends unfolding on Upbit, South Korea’s leading exchange. Having navigated through various market cycles and witnessed the rise and fall of countless tokens, I must admit that traditional memecoins like Shiba Inu, Dogecoin, and even the lesser-known Bonk seem to be holding a significant edge.
According to DeSpread’s analysis, traditional meme coins such as Shiba Inu, Dogecoin, and Bonk hold an advantage in the current listing trends on Upbit, South Korea’s largest exchange. This is because Upbit tends to exercise caution when it comes to listing meme coins, considering only those that have been actively traded for a minimum of two years beforehand.
It’s clear that this policy favors tokens that have been around for a while, such as those listed, which have maintained a substantial market share over time.
For instance Dogecoin has been listed on Bithumb and Upbit since 2021 whereas Shiba Inu joined these sites in 2023. Due to the current regulatory environment this listing strategy restricts the entry of newer tokens into these exchanges giving these tokens a competitive edge.
Analyzing the current trends of Dogecoin and Shiba Inu, it’s clear that Dogecoin is experiencing an uptrend after bouncing back from its support levels, currently valued around $0.14. This robust performance indicates a continued bullish sentiment, and the recent surge in trading volume hints at renewed enthusiasm for this asset. Meanwhile, Shiba Inu, though slightly down at $0.00001796, is also maintaining an upward trend and could potentially benefit from the same volume boost experienced by other memecoins.
Due to the interest from local merchants and regulatory requirements, it’s expected that this selective listing approach will help established tokens such as DOGE and SHIB to thrive in the South Korean market.
More contemporary coins such as Bonk and PEPE (Pepe) are experiencing growth in popularity, yet their limitations pose more significant hurdles. The meme-based tokens that are currently listed tend to thrive under these circumstances, bolstering their dominant market stands.
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2024-10-23 12:00