New Listings from Upbit and Bithumb: RAY Token Up Over 34%, Huma and Fort Surge
Upbit and Bithumb, two of South Korea’s largest cryptocurrency exchanges, announced on June 19 that they will list three new altcoins. While this development was met with great interest in the crypto market, the sudden price movement in the Raydium (RAY) token in particular drew attention.
Upbit Announces Raydium (RAY) Listing – Price Takes Off
RAY, the native token of decentralized exchange (DEX) Raydium running on the Solana blockchain, has gained more than 34% in a short time with the news of Upbit’s listing. RAY, which will start trading in KRW (South Korean won) and USDT pairs, jumped from $2.07 to $2.78 in the early minutes of Asian trading hours.
According to TradingView data, this increase exceeded 34%. With this increase, the market value reached $ 655 million from $ 500 million. Although the price later partially retreated to $ 2.29, it maintained its strong position with a daily gain of 11.3%. Such increases were similarly observed in Upbit’s past listings.
Bithumb Announces HUMA and FORT Listing
Bithumb also took an exciting step for investors by announcing that it will be trading Huma Finance (HUMA) and Forta (FORT) tokens in KRW parity. Following the news, HUMA increased by nearly 12% to $0.037, while FORT increased by a remarkable 52% to $0.10.
South Korea Remains Strong in Crypto Market
According to data shared by Kaiko Research, the KRW-based crypto trading volume in South Korea will reach $663 billion by 2025, making it the second-largest crypto market in the world after the United States. According to the data, one in three adults in the country owns cryptocurrency, which explains why local listings have such an impact on the market.
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