Top Korean cryptocurrency exchanges, Upbit and Bithumb, have announced the listing of two new altcoins today: Hyperlane (HYPER) and Babylon (BABY).
Following this announcement, both altcoins saw significant increases, with HYPER rising over 100%.
Upbit and Bithumb Boost Market with New Altcoin Listings
In an official announcement, Upbit, the largest Korean cryptocurrency exchange by trading volume, announced that they will list the BABY token. This token will be available for trading with Bitcoin (BTC) and Tether (USDT) pairs, providing users with more options to trade this altcoin. Trading will begin at 16:00 Korean Standard Time (KST).
Additionally, the exchange will add trading support for HYPER with the Korean Won (KRW) pair, allowing local investors to participate in this altcoin using their own currency.
HYPER/KRW trading will start at 17:00 KST. These listings follow Upbit's initial introduction of HYPER with BTC and USDT pairs at the end of May.
"Please check the network before depositing any digital assets. Deposits/withdrawals through networks other than the designated network will not be supported," the announcement stated.
Meanwhile, Bithumb, the second-largest exchange, also confirmed the addition of the HYPER/KRW trading pair. Similar to Upbit, trading will begin at 17:00 KST.
This announcement immediately triggered a market reaction. HYPER, the native token of the Hyperlane interaction protocol, surged by three digits. Before the news, it was trading at around 0.151 USD but quickly rose to 0.348 USD.
This represents a significant increase of 130%. At the time of writing, HYPER is trading at 0.31 USD, maintaining a 102.59% increase.
Price performance of HYPER and BABY after listing. Source: TradingViewAdditionally, the BABY token of the Babylon protocol surged 21% after the listing announcement but then adjusted. At the time of writing, it is trading at 0.052 USD, up 10.69%.
The recent price surge emphasizes the growing influence of Korean cryptocurrency exchanges on altcoin performance. This growth is not an isolated event, as it reflects similar price increases seen in the past with tokens like Raydium (RAY), Huma Finance (HUMA), and Forta (FORT), all of which significantly increased after being listed on these platforms.
