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Space ID Token Skyrockets 40% Following Upbit Listing

The Space ID (ID) token experienced an exponential surge of 40% following the announcement of its listing on the Upbit exchange. The frenzy once again underscores the profound impact of the FOMO (Fear of Missing Out) effect emanating from the Korean market. On November 30, 2023, Upbit, a prominent trading platform, made public its decision to list Space ID, coupling it with BTC for trading.

ID/USDT 4 hours-chart on Binance | Source: TradingView

The price of the ID token swiftly pumped, reaching remarkable highs of $0.366 USD from its previous valuation of $0.26 USD, marking an astounding 40% surge. However, the current value has slightly retracted to hover around $0.32 USD, accompanied by a 24-hour trading volume of $157 million USD.

This occurrence yet again highlights the significance of the “Upbit listing” phenomenon, specifically showcasing the wider implications of the FOMO effect prevalent in the Korean market. Upbit stands as a dominant exchange, claiming a staggering 80% market share in the land of kimchi, consistently igniting bullish candlesticks upon announcing the listing of a particular coin.

Space ID joins a series of similar instances preceding its surge, reminiscent of MINA’s over 50% spike on October 24 after its Upbit listing. Identified as the 30th Binance Launchpad project, Space ID 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, registering a staggering oversubscription of 1,170 times.

The pattern of meteoric rises in tokens listed on Upbit reflects the intense interest and investment fervor within the Korean market, amplifying the impact of exchange listings on token values. The Space ID token’s trajectory serves as yet another case in point, exemplifying the power of strategic listings and the palpable FOMO effect in the ever-evolving cryptocurrency landscape.

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