Upbit listed PEPE, BONK and BRETT only after two years of trading history
Release: 2024/10/23 17:39 Reading: 989
Meme Tokens on Upbit: A Sign of Vetting and Conservative Expansion
Meme tokens may be gaining popularity, but securing listings on centralized exchanges remains challenging. For Upbit, a leading South Korean exchange, a listing serves as a form of due diligence, indicating a higher level of reliability for the token.
Upbit's cautious approach has led to a relatively conservative expansion of its altcoin offerings. Despite listing hundreds of tokens from previous bull markets, the exchange has been hesitant to embrace leading meme tokens.
However, due to rising demand, Upbit has recently listed BONK, PEPE, and BRETT. The listings were prompted by new South Korean regulations requiring projects to have a two-year trading history before being listed on local exchanges.
All of Upbit's meme token listings are also available on Bithumb, another prominent South Korean exchange. Upbit seems to be adopting a strategy of listing meme tokens that have already gained traction in the South Korean market.
The Virtual Asset Protection Act requires projects without a known team or roadmap to trade for two years before being eligible for listing in South Korea. This regulation may limit the potential for new meme tokens to be listed, with the only current eligible token being FLOKI.
Other South Korean exchanges, such as CoinOne, have also listed meme tokens like BOME, Sundog (SUNDOG), and MYRO.
While an Upbit listing can provide a short-term boost to a meme token, it does not guarantee sustained growth. Some traders warn that holders may sell their profits, leading to a potential decline in prices.
Upbit's Impact on Listed Meme Tokens
After its Upbit listing, BONK experienced a surge to $0.000025 before sliding to $0.000022. The token remains volatile and attracts rollovers from other Solana communities.
Cat in a Dogs World (MEW) also rallied briefly to $0.01 after gaining its first Upbit pair. Previously, MEW had received a boost from its first Upbit listing on September 19.
Upbit's listings have boosted the liquidity of the listed meme tokens. PEPE and BRETT have both surpassed the $1B market cap barrier, with BRETT briefly reaching $770M before declining.
Volatility in the Meme Token Market
Despite regulatory efforts, meme tokens remain highly volatile and prone to significant drawdowns. The total market cap of meme tokens has recently corrected, falling from a peak of $60B to $56.3B.
The market for meme tokens is highly competitive, with different groups of tokens battling for attention. Traditional traders may prefer established tokens with a dog-theme, while newer tokens like SPX6900 (SPX) and AI-generated tokens like GOAT are also gaining traction.
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