The Space ID (ID) token experienced an exponential increase of 40% after Upbit announced its listing. The fever once again emphasizes the profound impact of the FOMO (Fear of Missing Out) effect originating in the Korean market. On November 30, 2023, Upbit, a prominent trading platform, publicly announced its decision to list Space ID, pairing it with BTC.
Binance ID/USDT 4-hour chart | Source: TradingView
The price of the ID token quickly skyrocketed, reaching a notable high of $0.366 from its previous valuation of $0.26, marking a staggering 40% increase. However, the current value has slightly decreased to around 0.32 USD, accompanied by a 24-hour trading volume of 157 million USD.
This surge once again emphasizes the importance of the “Upbit listing” phenomenon, especially showing the broader significance of the popular FOMO effect in the Korean market. Upbit is a dominant exchange, holding a staggering 80% market share in the country, consistently creating bullish candles when it announces the listing of a particular coin.
Space ID is one of a series of similar cases, reminiscent of MINA's more than 50% spike on October 24 after Upbit's listing. Identified as the 30th Binance Launchpad project, Space ID launched in March 2023. At that time, approximately 104,000 Binance users locked up 8.6 billion BNB to participate in the Space ID launchpad, with the oversigned a staggering 1,170 times.
The rapid price increase pattern of tokens listed on Upbit reflects the intense investment interest and enthusiasm in the Korean market, amplifying the impact of exchange listing on token value. The trajectory of the Space ID token highlights yet another case, illustrating the power of strategic listings and the apparent FOMO effect in the growing crypto landscape.
https://tapchibitcoin.io/space-id-tang-40-sau-khi-upbit-niem-yet.html
