The SPACE ID (ID) Token price skyrocketed 40% after the Upbit listing news, once again proving the fomo effect coming from the Korean market.
Upbit lists SPACE ID, ID price skyrockets 40%
In the early afternoon of November 30, 2023 (Vietnam time), Upbit exchange announced the listing of SPACE ID with the BTC trading pair.
신규 디지털 자산 스페이스아이디(ID) 거래지원 안내
— Upbit Korea (@Official_Upbit) November 30, 2023
✅ 지원 마켓: BTC 마켓📅 거래지원 개시 시점: 2023-11-30 18:00 예정
🔗 공지 바로가기: https://t.co/Ons3hDBeDI # Upbit #ID pic.twitter.com/MPHqDPFZqd
The ID Token price quickly pumped strongly thanks to this news, at one point rising to a high of 0.366 USD from 0.26 USD, recording a 40% increase .
1H chart of the ID/ USDT pair on Binance at 02:00 PM on November 30, 2023
Currently, ID price has decreased slightly to around 0.328 USD with 24-hour volume recorded at 157 million USD.
This phenomenon once again shows the influence of the " Upbit listing" or more broadly, the FOMO effect coming from the Korean market. Upbit is an exchange that accounts for 80% of the Korean market share, always creating pump candles when announcing the listing of a certain coin.
Before ID, there were many similar cases, such as MINA increasing more than 50% on October 24 right after news of Upbit listing.
The green candle was recorded on October 24, 2023 when there was news that Upbit listed MINA
It is worth noting that this fomo phenomenon only occurs with Upbit and not all Korean exchanges. This morning Bithumb, the 2nd ranked exchange in the land of kimchi, also announced the listing of BIGTIME and STMX but did not cause the same price increase effect.
🚀 빅타임( #BIGTIME ) 원화 마켓 추가 안내
— Bithumb (@BithumbOfficial) November 30, 2023
New Listing : #BIGTIME will be added to the KRW market today.
For more details 👉 https://t.co/tSKlgEpeHS
Airdrop EVENT 🎁 https://t.co/ltrj9w1H60 Bithumb #Listing #KRWmarket @playbigtime @OpenLoot pic.twitter.com/46i0k4K8sK
For its part,SPACE ID is the 30th Binance Launchpad project, launched in March 2023. At that time, about 104,000 Binance users locked up 8.6 billion BNB to join the SPACE ID launchpad , oversubscribing 1,170 times.
Less than 1 month after listing on Binance, ID recorded an ATH at a price of 1 USD and gradually decreased from there. Currently at $0.328, the Token price has dropped 68% since its ATH.
ID price chart from the beginning of 2023 to present. Source: CoinMarketCap
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