Research - Upbit - "Market Maker" of 2023

Since the 2nd half of 2023, we have witnessed many coins on the Crypto, which experienced extraordinary growth! Most of them was accelerated by the largest Korean exchange, Upbit.

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Coin Wire
December 09, 2023

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UPBIT - “MARKET MAKER” OF 2023

Since the 2nd half of 2023, we have witnessed many coins on the Crypto, which experienced extraordinary growth! Most of them was accelerated by the largest Korean exchange, Upbit.

Let’s review those coins and to see we can have any narratives.

Upbit - The largest Korean Crypto Exchange

Upbit is a South Korean Cryptocurrency exchange founded in 2017. It is operated by Dunamu, which is one of the highest valued startups in South Korea.

Approximately two months after its launch, Upbit became the top global cryptocurrency exchange in terms of 24-hour trading volume.

Upbit is now available in two version, the Korean version and the Global version.

“Korean Effect”

These coins below all shared one thing in common: The extraordinary growth with high volume trading concentrated on the the Korean exchange.

$CYBER

The first coin marking the craziness of this exchange is $CYBER, a new listing project in August 2023.

The price of $CYBER skyrocketted 260% in only 4 days. The special thing about $CYBER is that the price of $CYBER on Upbit always remain higher than any other exchanges.

Note that, $CYBER witnessed 900% growth on Upbit.

$MINA

The 2nd coin I want to mention is $MINA. $MINA has made such a growth due to the listing news of $MINA on Upbit.

On Binance, $MINA witnessed 100% growth in only 8 hours after the listing news.

However, on Upbit, the price of $MINA went up nearly 700% in only 4 hours!

$GAS

Another coin I want to mention is $GAS. Though the price of $GAS is not so different between Upbit and other exchange, but the rally of $GAS was divided into two phases: Binance phase and Upbit phase.

The Binance phase was when $GAS price went up from $3 to $14 with volume concentrated on Binance. The Upbit phase was when $GAS price went up from $12 to $29 with volume concentrated on Upbit.

How to monetize

So, how to ultilize the “Korean effect” to monetize in the market. I believe there is some steps for you guys to “skin in the game”.

Volume, volume and volume

There is nothing more than this. All you have to do is to answer these questions:

  • Whether the coins is listed on Upbit or not?

  • What is the rank of Upbit volume trading of this coin?

If the answer of these mentioned questions is YES and Top 1.

Voila. We shall speculate that the growth of the coin is driven by Upbit.

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