Bithumb, the South Korean exchange, lists token C, surging 59% in 24 hours! Breaking down the three core logic behind the frenzy of retail investors in South Korea
On July 29, Chainbase (C) was listed on South Korea's top exchange Bithumb (trading pair C/KRW), with an opening price of $0.209 on its first day, reaching a daily high of $0.333, and a 24-hour increase of 59.47%, with trading volume exceeding $8 million—this surge is driven by South Korean retail investors' extreme optimism towards the 'AI + Web3 data' sector.
Key reasons for the frenzy in the South Korean market:
• Scarcity due to low circulation: The total supply of token C is 1 billion, with only 160 million currently in circulation (16%), and 70% of the circulating supply concentrated in market makers and long-term holding addresses, leaving few tradeable tokens for retail investors, leading to price spikes with slight buying pressure.
• Technological differentiation overpowering local projects: Local data protocols in South Korea mostly focus on single public chains (like Klaytn), while Chainbase has integrated 12 mainstream chains including Ethereum and BNB Chain. A certain GameFi project in South Korea saw a threefold increase in cross-chain user behavior analysis efficiency after integration, driving its token up by 20%.
• Community enthusiasm fission: Before the listing on Bithumb, South Korea's largest crypto community 'CryptoKorea' initiated the 'C token holding challenge', where the first 1,000 users holding over 10,000 tokens would receive tickets for offline meetups in South Korea, resulting in over 20,000 new holding addresses in a single day.
Short-term strategy: Technical indicators show that $0.333 has broken the upper range of the consolidation zone for nearly a month, with a short-term target of $0.341 (previous high resistance level). In Q4, with the launch of mainnet 2.0, institutions forecast a price of $0.37, and a conservative estimate for 2026 is $0.54 (still a 62% upside from the current price).
