In the bustling landscape of South Korea’s cryptocurrency market, traditional meme coins like Shiba Inu (SHIB), Dogecoin (DOGE), and Bonk (BONK) are experiencing a remarkable resurgence. According to the latest trends on the Upbit exchange, these coins are in high demand, reflecting a growing appetite for established digital assets in one of Asia’s largest crypto hubs.
Cautious Listing Policies Favor Established Tokens
A recent report from DeSpreads highlights a cautious stance adopted by South Korean exchanges towards listing new meme coins. Platforms like Upbit are focusing on tokens with a minimum two-year trading history, which means that only those with established track records are being considered. This policy effectively advantages well-known coins like DOGE, SHIB, and BONK, all of which have maintained a significant market presence.
For instance, Dogecoin has been listed on Bithumb and Upbit since 2021, while Shiba Inu joined these platforms in 2023. This selective approach to listings restricts newer entrants, thereby providing a competitive edge to established meme coins that have proven their resilience in the market.
Shiba Inu and Dogecoin on the Rise
Recent developments indicate that Dogecoin is on an upward trajectory, boasting over 10% weekly gains. Currently trading around $0.14, DOGE is receiving robust support, and a recent increase in trading volume suggests renewed investor interest. This bullish momentum could be attributed to the selective listing policies that favor established tokens.
Shiba Inu, while trading slightly lower at $0.00001796, is also displaying consistent upward movement. Increased trading volume across meme coins suggests that SHIB could be gearing up for a rally, especially given the recent surge in whale activity. This renewed interest among large investors hints at potential future gains for the token, according to reports from CNF.
As local trader demand continues to grow, the selective listing policy will likely bolster well-known tokens like DOGE and SHIB in South Korea. Although newer contenders like Bonk and Pepe (PEPE) are gaining traction, they face more significant hurdles under the current regulatory landscape, allowing established coins to solidify their market positions.
The Rise of AI Meme Coins
October has also witnessed an unprecedented spike in demand for AI meme coins. On October 23, the market cap for these tokens soared to $1.9 billion, with daily trading volumes exceeding $600 million. Notably, Turbo (TURBO) and Goatseus Maximus (GOAT) have emerged as major players, together accounting for a staggering $360 million of the trading volume in this sector.
Also Read: South Korea’s Divorce Law Revolution – 80% Of Couples Now Dividing Crypto Assets Like Bitcoin!
Despite facing controversies, GOAT has rebounded impressively, hitting a new all-time high of $0.6801 after a brief 50% decline. This remarkable recovery illustrates the volatility and potential within the AI meme coin space, making it an exciting area for traders and investors alike.
The landscape for meme coins in South Korea is undergoing a transformation, driven by cautious listing policies that favor established tokens like Shiba Inu and Dogecoin. As these coins gain momentum, the demand for AI meme coins further illustrates the dynamic nature of the cryptocurrency market. With South Korea at the forefront of this evolution, it will be fascinating to see how these trends unfold in the coming months, particularly for those seeking to navigate the complexities of this rapidly changing environment.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
