Bithumb, South Korea’s second-largest cryptocurrency exchange, announced the listing of two new altcoins today.
The new supported tokens include Lista DAO (LISTA) and Merlin Chain (MERL). The listing announcement triggered double-digit price increases for both crypto assets, pushing them to 6-month highs.
Bithumb Announces LISTA and MERL Listing
According to Bithumb’s official announcement, the tokens will be available for trading against the Korean Won (KRW). Deposits and withdrawals will be available within 3 hours of the announcement.
“In compliance with the Travel Rule, deposits and withdrawals are only supported through virtual asset service providers that are supported by Bithumb,” the announcement read.
The exchange added that LISTA trading is scheduled to begin at 4:00 PM Korean Standard Time (KST) on July 24. The reference price will be 354 KRW.
After this, Bithumb will launch MERL trading at 6:00 PM KST. The reference price for the altcoin is 161 KRW.
Following the news, the prices reacted sharply. LISTA, the native token of an open-source lending and liquidity protocol, Lista DAO, surged 33.97%. The price reached $0.36, marking LISTA’s highest level since January 2025.
Similarly, MERL, the native token of Merlin Chain, a Bitcoin layer-2 network, experienced a 20.53% increase to $0.168, a level last seen in late January.
These price movements highlight the significant influence of South Korean exchanges on altcoin markets. Upbit and Bithumb have previously propelled tokens like Hyperlane (HYPER), Babylon (BABY), Huma Finance (HUMA), and more to significant gains through strategic listings.
Notably, the exchanges’ strong presence in one of the largest cryptocurrency markets could be a key driver behind their impact. According to Ledger, in South Korea, 27% of the individuals aged 20 to 50 are currently holding digital assets, with 70% expressing an interest in expanding their crypto portfolios this year.
The combined value of digital assets held across the country’s top five exchanges, Upbit, Bithumb, Coinone, Korbit, and GOPAX, has exceeded 100 trillion Won (~$73 billion), reinforcing South Korea’s position as a global frontrunner in blockchain adoption.
This dominance within South Korea has also benefited the exchanges. Bithumb, for example, has seen its trading volume increase threefold over the past month.
CoinGecko data revealed that the volume has risen from around $758 million to $2.7 billion, marking an impressive 256.2% surge.
Similarly, Upbit has experienced a remarkable spike in volume. It has grown from $1.7 billion to $8.3 billion, reflecting a 388.24% increase, highlighting growing dominance.
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