South Korea’s Crypto Giants Clash: Speed vs. Stability in the Token Race

Upbit has intensified its efforts to expand its cryptocurrency offerings in response to rising competition from domestic rival Bithumb, which has been steadily increasing its market share. According to recent data, Bithumb's market share reached 46% on September 9, while Upbit held 50.6%. This marks a significant shift for Upbit, which previously held a commanding 80% share of the South Korean market as recently as 2022. The market leader has responded by listing seven new tokens in the past 10 days, including high-profile names such as Worldcoin (WLD) and Flock (FLOCK), signaling a strategic pivot to maintain its dominance.

The recent surge in listings was notably catalyzed by WLD's performance, which saw a 20% price increase after being listed on Upbit. The exchange enabled trading in Korean won (KRW), Bitcoin (BTC), and Tether (USDT) for the token, supporting multichain deposits and withdrawals through Ethereum, Optimism, and WLD’s native blockchain. This move not only diversified WLD’s trading landscape but also attracted significant volume, especially in South Korea, where the token’s trading activity surged. The listing was implemented swiftly—within two hours of announcement—further underscoring Upbit’s responsiveness to market dynamics.

Simultaneously, Flock (FLOCK) experienced a dramatic price rally after being added to both Coinbase and Upbit. On Upbit, FLOCK’s price surged by 219.35% within hours of its listing, reaching a new all-time high of $0.99. The token’s trading volume on the platform soared to $197 million, a 2,051.30% increase compared to the previous day. Bithumb and Upbit accounted for 23.2% and 22.9% of the total trading activity, respectively, highlighting the influence these exchanges have on liquidity. This back-to-back listing strategy has amplified FLOCK’s global exposure, with Coinbase’s U.S. audience and Upbit’s Korean user base collectively fueling the token’s growth.

The broader South Korean cryptocurrency market has seen increased activity in 2025, with the top five exchanges—Upbit, Bithumb, Coinone, Cobbit, and GoFox—listing nearly 300 assets in KRW this year alone. Upbit, in particular, has accelerated its listing pace, listing 54 coins in KRW by the end of September, a 1.5-fold increase from its 2024 listing numbers. This rapid expansion reflects the growing appetite for altcoins, as the total market capitalization of virtual assets rose to $3.91 trillion as of September 11, a 4.82% increase from earlier in the month. Altcoins like Dogecoin, Solana, and Cardano have driven much of this growth, with Dogecoin rising 15.64% and Solana climbing 9.68% in a single day.

Industry observers have raised concerns about the implications of this aggressive listing strategy. Upbit has traditionally taken a conservative approach to token listings, but the recent competition from Bithumb has forced it to adopt a more aggressive stance. While this has led to increased options for investors, experts warn that the rush to list new tokens could compromise due diligence and expose users to higher risks. In particular, the volatility and short-term nature of many altcoins listed on these exchanges could lead to potential instability in the market. This has prompted some lawmakers to question whether the current pace of listings is sustainable or beneficial for long-term market integrity.

title1 [https://www.mitrade.com/insights/news/live-news/article-3-1108977-20250910]

title2 [https://www.xt.com/en/blog/post/coinbase-and-upbit-are-listing-2-new-altcoins-today]

title3 [https://finance.yahoo.com/news/upbit-goes-coin-listing-spree-233000065.html]

title4 [https://www.mk.co.kr/en/stock/11417254]

title5 [https://en.yna.co.kr/view/AEN20250908009900320]