As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I find the recent listings of NEIRO, SUNDOG, and MORPHO on Bithumb intriguing. Having witnessed numerous market fluctuations, I can’t help but notice the bullish trend these altcoins have displayed post-listing.
Bithumb, one of South Korea’s prominent digital asset trading platforms, has announced the addition of trading pairs for popular meme coins Neiro and Sundog, along with Morpho (a decentralized lending protocol on Ethereum) yesterday. This announcement sparked a surge in the prices of these altcoins. Here are some key details:
In the announcement, it’s been made clear that Bithumb plans to list NEIRO, MORPHO, and SUNDOG at 6:00 PM, 6:30 PM, and 7:00 PM respectively (local time). Deposits for these cryptocurrencies will become available within three hours of the announcement’s posting. This move expands investment opportunities for users in a new region, as Bithumb is the second-largest exchange in South Korea and ranks 18th globally with a trading volume of $4.58 billion.
NEIRO is set to debut at an opening price of approximately $1.72 (2,434 won), MORPHO at around $1.64 (2,319 won), and SUNDOG at roughly $0.17 (245 won) on the Bithumb exchange. Following the trend of this year’s listings, purchase orders for these cryptocurrencies will be restricted for a period of 5 minutes following the listing. In contrast, sell orders will be capped at a maximum of -10% below the base price for the initial 5 minutes after listing.
The listings of new tokens on crypto exchanges like Bithumb can sometimes lead to price increases or decreases, which are significant events in the digital asset market. For instance, this year, Bithumb has been actively listing tokens, such as VIRTUAL (in Korean won pairs with a base price of 1,486 won). Following its listing, VIRTUAL reached a new all-time high. Similarly, when BounceBit ($0.46, 24h volatility: 0.1%, market cap: $187.54 M, 24h volume: $136.77 M) and SKALE (SKL, $0.0793, 24h volatility: 1.6%, market cap: $410.08 M, 24h volume: $133.90 M) were announced for listing on a Korean exchange, their prices also saw notable surges.
The announcement for listing arrives during a slump in South Korean cryptocurrency markets, following President Yoon Suk-yeol’s declaration of emergency martial law on Tuesday. This move aims to secure the country’s borders, leading to significant drops in trading volumes on the top three exchanges – Upbit, Bithumb, and Coinone.
SUNDOG, NEIRO, and MORPHO Prices Surge
Over the past day, the prices of SUNDOG, NEIRO, and MORPHO significantly increased on Bithumb, with MORPHO experiencing a remarkable jump of 17.44%. In comparison, SUNDOG is currently valued at $0.2, representing an increase of 6.67%, while NEIRO is trading at $0.001818, showing a growth of 4.29%. At the moment, MORPHO is priced at $1.96.
Remarkably, SUNDOG experienced a significant increase of 90.15% over the past month, compared to MORPHO and NEIRO which saw gains of 14.86% and 38.06%, respectively, in the same timeframe. However, it’s worth noting that most altcoins are still struggling to recover, remaining below their all-time highs by double digits.
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2024-12-05 13:30