Centrifuge and Espresso experienced explosive moves after being listed on major Korean exchanges this week.
The Korean bid is becoming altcoin holders’ best friend these days, as Korean traders pile into new listings on the country’s leading centralized exchanges (CEXs).
Over the last week, South Korean CEXs Bithumb and UpBit listed two mid-sized altcoins, Centrifuge’s CFG and Espresso’s ESP, and both tokens surged. CFG rallied 177% from $0.088 to $0.24, and ESP jumped by 103% to $0.195.
The Bithumb and UpBit effects have become common at this point, and Korean CEXs have been responsible for plenty of one-time pumps in small- to mid-sized altcoins. While these CEX traders are happy to jump in and speculate on new listings, the effect usually wears off in a few days to weeks as volumes return to their pre-listing levels.
Korean CEX Bithumb also made headlines earlier this month after accidentally sending more than 200 users 2,000 BTC, worth $140 million at the time, instead of 2,000 WON.
The “airdrop” resulted in BTC dropping 18% below the actual market price on Bithumb as recipients rushed to sell the tokens and offramp the funds; however, the exchange successfully froze “most” of the accounts before funds could be withdrawn.