TL;DR

HYPER neared its ATH after backing from South Koreas top crypto exchanges. Upbit’s listing history shows a pattern of triggering explosive rallies, with coins like MOODENG, RVN, and TRUMP all experiencing major price spikes shortly after being added to the platform.

The Top Performer

Triple-digit price gains within 24 hours are nothing unusual in the world of crypto. The lesser-known altcoin Hyperlane (HYPER) proved that narrative, skyrocketing roughly 170% within that timeframe to almost match its all-time high of $0.35. Its market capitalization, which stood at around $20 million yesterday (July 9), has surged past $55 million.

HYPER Price, Source: CoinGecko The main reason propelling the impressive rally is the support coming from South Koreas leading cryptocurrency exchange, Upbit, which listed the HYPER/KRW trading pair. Such a development enhances the tokens liquidity and accessibility while also providing a significant reputational boost. 

However, some industry participants (like the X user Tux) claimed some projects use these listings to dump their tokens on the head of Koreans. 

Sometimes i feel bad of koreans trading on $upbit.

Projects just use upbit listing to dump their tokens on the head of koreans.

Recent example is $hyper pic.twitter.com/lMYeWJ0ncs

Others remain optimistic that HYPERs bull run is nowhere near its end. X user Crypto GVR recently suggested the price could soar to a new peak of $0.50 in the next three to six months. 

Meanwhile, Bithumb (South Koreas second-biggest crypto exchange) also embraced the asset, introducing the same trading pair as its rival. 

Upbits Impact in the Past

Earlier this month, the hippo-themed meme coin Moo Deng (MOODENG) pumped by over 40% daily after the exchange listed the MOODENG/USDT, MOODENG/KRW, and MOODENG/BTC pairs. 

In June, Ravencoin (RVN) briefly made the headlines after jumping by 75% in a single day. Once again, the factor fueling the rally was the backing from Upbit. 

The company has also contributed to a price spike for TRUMP, the meme coin associated with the American president. This happened in February when it enabled user access to the TRUMP/KRW, TRUMP/BTC, and TRUMP/USDT pairs.