South Korea's Upbit exchange will add TOSHI to KRW and USDT markets, and EUL and PLUME to BTC and USDT spot trading pairs, effective September 17th, potentially increasing volatility and liquidity for these assets.

Executive Summary

South Korea's Upbit exchange has announced the listing of TOSHI on its Korean Won (KRW) and Tether (USDT) spot trading markets, and EUL and PLUME on its Bitcoin (BTC) and USDT spot trading markets. This development, effective September 17th, is anticipated to increase trading volume and liquidity for the newly listed assets.

The Event in Detail

On September 17th, Upbit, a prominent South Korean cryptocurrency exchange, officially announced the expansion of its spot trading offerings. The announcement specified that TOSHI would be available for trading against the Korean Won (KRW) and Tether (USDT). Concurrently, EUL and PLUME were added with Bitcoin (BTC) and USDT trading pairs.

Market Implications

The listing of new tokens on Upbit frequently generates immediate market interest, yet recent trends indicate a diminishing "Upbit listing effect." Historically, new listings would experience sustained price surges; however, recent patterns show initial price spikes followed by rapid sell-offs. For instance, PUMP saw an initial surge of over 20% within the first hour of its listing announcement on September 1st, but trading volume subsequently tapered off, leading to an upper shadow on its K-line chart. Similarly, HOLO's listing on September 3rd resulted in a brief rally to $0.0025, which quickly faded as sellers entered the market, establishing resistance at that level. This shift suggests altered market dynamics in the Korean crypto scene, with data indicating a 15% decrease in the average 24-hour trading volume for tokens listed in the first 11 days of September compared to August listings. This points to reduced liquidity and potential trader fatigue, signaling a need for traders to anticipate faster reversals rather than prolonged continuation.

Expert Commentary

Market observers have noted the weakening of the traditional "Upbit pump" phenomenon. Ai 姨 on Twitter highlighted the diminishing effect, stating, "The diminishing Upbit listing effect has become a hot topic among cryptocurrency traders." This sentiment reflects a market where the rapid pace of new listings, averaging one token every 1.57 days in early September, appears to be diluting the impact of individual announcements, challenging even enthusiastic traders to maintain momentum.

Broader Context

PLUME enters the market with a focus on Real-World Asset (RWA) tokenization, evidenced by over 171,000 RWA holders. The project's strategy includes bridging traditional finance (TradFi) and decentralized finance (DeFi), with collaborations bringing gold, solar assets, and music rights on-chain, and over $150 million in RWA capital already deployed. Despite a recent Binance listing boosting visibility and volume by 35.6%, PLUME experienced a 10% drop post-listing, attributed in part to initial sell pressure from a 150 million token airdrop. Future initiatives for PLUME include a U.S. Market Launch in Q4 2025, BTC Restaking Integration in Q3 2025, and an RWAfi Accelerator Program in September 2025. For EUL and TOSHI, their inclusion on Upbit provides increased accessibility and broader market exposure within the South Korean and international cryptocurrency trading communities.