South Korea’s two largest cryptocurrency exchanges — Upbit and Bithumb — have announced the listing of two new altcoins: Hyperlane (HYPER) and Babylon (BABY). The announcement sent both tokens soaring, with HYPER gaining more than 100% shortly after the news broke.
New Listings Ignite Market Rally
According to an official statement from Upbit, the exchange will list BABY with trading pairs against BTC and USDT. Trading is scheduled to begin at 4:00 PM KST. In addition, Upbit will also open trading for HYPER/KRW, allowing domestic investors to trade directly in Korean Won. This pair will go live at 5:00 PM KST.
Previously, in late May, Upbit had already introduced HYPER for trading with BTC and USDT pairs. In the announcement, the exchange advised users to double-check the supported network before making deposits, as transactions via unsupported networks will not be processed.
Meanwhile, Bithumb, the second-largest exchange in South Korea, also confirmed it will launch HYPER/KRW spot trading at 5:00 PM KST, matching Upbit’s schedule.
HYPER Soars 130%, BABY Also Spikes
The listing news had an immediate impact on the market. HYPER, the native token of the cross-chain interoperability protocol Hyperlane, skyrocketed from $0.151 to $0.348, marking a 130% increase. As of this writing, HYPER is still holding strong at around $0.31, maintaining a 102% gain.
At the same time, BABY, the token of the Babylon protocol, saw a sharp 21% jump following the announcement before slightly correcting. It is currently trading at around $0.052, up 10.69%.
Korean Exchanges Show Increasing Influence on Altcoin Market
This price surge once again highlights the growing influence of Korean crypto exchanges on the altcoin market. This isn’t the first time tokens have seen significant gains after being listed on Upbit or Bithumb.
In previous instances, tokens like Raydium (RAY), Huma Finance (HUMA), and Forta (FORT) also experienced notable price increases after being added to these platforms.
