Altcoins Rotate, Majors Hold Strong: Korea’s Steady Summer Flow

1. Market Overview

Last week, Korean exchanges remained active with new listings. Upbit introduced Caldera (ERA), while Bithumb listed both Caldera and Eclipse (ES), continuing their trend of adding ecosystem-driven projects. These listings attracted moderate attention, especially from users engaged in altcoin rotations.

In terms of trading activity, top-tier KRW pairs continued to dominate on both exchanges. XRP and DOGE led volumes on Upbit, each exceeding several hundred billion KRW in weekly trades, alongside steady liquidity in BTC and ETH. Bithumb reflected similar trends with XRP and USDT at the top, supported by consistent turnover in BTC, ETH, and select altcoins. Despite increased altcoin discussions, overall market liquidity remained anchored around major assets.

The week was also defined by sharp moves in speculative tokens. Conflux (CFX) and Elixir (ELX) posted triple-digit gains on Bithumb, alongside notable runs in XTZ, CKB, and A8. Mid-cap narratives like OM, FXS, and FLOKI also saw strong momentum. This wide distribution of gainers suggests retail traders remain highly active, favoring a mix of ecosystem tokens and high-volatility plays.

2. Exchanges

2-1. Newly Listed Coins

Last week, major Korean exchanges introduced several new listings:

• Upbit listed Caldera.
• Bithumb listed Caldera and Eclipse.

Key Marketing Strategies & Takeaways

🔹 Eclipse (ES)

Although Eclipse had previously announced its seed round, it officially entered the Korean market in March 2024, during a time when interest in SVM was high and Hack VC – a favorite among Korean investors – led the round. *Hack VC’s popularity in Korea can be attributed to the high exchange listing success rate of its portfolio projects, and the fact that WeCryptoTogether frequently features them on its channel, further reinforcing the preference.

Following this momentum, Eclipse launched its mainnet and quickly kicked off the minting of its flagship NFT collection, ASC (After School Club). Riding the wave of hype, the project promoted ASC through KOL channels and successfully sold out in a short time.

Shortly after, Eclipse team members set ASC NFTs as their profile pictures, creating anticipation within the community for an $ES token airdrop exclusively for holders. This strategy was once again amplified by KOLs.

Priced initially at 0.04 ETH, ASC NFTs surged to over 0.7 ETH, clearly validating the hype. The project immediately followed up with the “Turbo Tab” game as part of its airdrop strategy.

By using NFTs to build a strong community and running periodic airdrops to retain users, Eclipse maintained engagement. It also supported the community with regular AMAs and offline meetups.

One of the most impactful strategies was Eclipse’s participation in Korea’s emerging “Meetup airdrop meta,” where projects distributed a significant number of tokens to offline meetup attendees. This trend turned Seoul into a hotspot for such campaigns.

Eclipse held a major offline event ahead of its TGE and rewarded all attendees with 2,551 ES tokens. However, this approach drew even stronger backlash than similar campaigns, as many in the community felt that the airdrop amount given to meetup participants was disproportionately large compared to what had been allocated to early ASC holders or those who had actively participated in previous airdrop tasks. As a result, the project continues to face significant criticism to this day. *The Eclipse meetup was scheduled to start at 7 PM, but some people arrived at the venue as early as eight hours in advance to wait in line. This shows just how intense the “Meetup airdrop meta” was in Korea during Q2 and Q3 of 2025 — the summer weather was hot, and the enthusiasm was even hotter.

Nevertheless, Eclipse's marketing approach in Korea can be seen as a textbook example. By focusing on KOL-driven promotions and consistently sharing updates on NFT minting and airdrop campaigns, Eclipse was able to maintain sustained hype and draw strong attention from the Korean market.

2-2. Trading Volume

This week’s trading volume data from Upbit and Bithumb highlighted continued dominance by major KRW pairs, with both exchanges showing consistent activity concentrated in top-tier tokens. On Upbit, XRP and DOGE maintained their leading positions with weekly trade volumes exceeding hundreds of billions of KRW, reflecting ongoing investor interest in core assets. Notably, tokens such as ETH and BTC also registered strong volumes, confirming their sustained liquidity and market relevance. Bithumb’s data similarly emphasized the high trading activity of XRP and USDT, alongside prominent altcoins like BTC and ETH, which contributed significantly to the weekly turnover. Overall, these volume trends underscore a stable market preference for established tokens while providing liquidity across a diversified set of assets in the Korean crypto market.

2-3. Top 10 Gainers

This week’s KRW markets saw strong rallies driven by both established and emerging altcoins, with Bithumb showcasing particularly impressive gains. Conflux (CFX) dominated the leaderboard with a remarkable 133.58% surge, followed by Elixir (ELX), which climbed 123.29%, highlighting strong speculative interest. Tezos (XTZ) and Nervos (CKB) continued their upward momentum, gaining over 50%, while projects like Ancient8 (A8) and Mantra (OM) also posted solid performances above 50%. Tokens such as Frax Share (FXS) and Floki (FLOKI) further underscored the market’s appetite for mid-cap and narrative-driven assets. This broad-based strength across Bithumb’s top gainers reflects sustained bullish sentiment among Korean retail investors, with many turning to tokens offering both ecosystem potential and volatility.

3-1. Bitcoin All-Time High Fuels Altcoin Hopes in Korea

On July 10, Bitcoin hit a new all-time high in Korean won terms, reigniting optimism in Korean crypto communities. ETH also followed with strong gains, and local media suggested the rally could spill over to altcoins, sparking more active trading discussions.

That said, community sentiment remained cautious. Many traders commented that it’s no longer a market where “everything pumps,” with most preferring to focus on Bitcoin and major altcoins over smaller-cap plays.

3-2. Busy Meetup Week with Mixed Reactions

Major projects like Mira, Sonic Labs, and GAIB hosted offline meetups last week, keeping Korea’s meetup culture alive. Mira earned praise for a summer-friendly ice cream giveaway, while GAIB attracted long lines despite rainy weather. Sonic Labs, however, faced criticism after videos of chaotic merch giveaways went viral.

While demand for meetups remains high, community discussions are growing around event quality. Some felt meetups are becoming repetitive and expressed hopes that projects would offer more substance beyond freebies.

3-3. Community Debates Over the Future of Meetups

With the recent wave of large-scale meetups, more Korean users are reflecting on whether these events truly add value. Many said that meetups often focus more on food than actual product showcases.

Discussions also called for more meaningful contributions, such as scholarships, local hiring, or hackathons, rather than just short-term airdrops. There’s rising sentiment that projects should pursue longer-term engagement with Korean users.

It’s been an exciting week in Korea, with various events taking place and a dynamic market keeping us all on our toes! Stay tuned for more updates, and if you'd like to receive this report every week, make sure to subscribe. For the latest news and insights on the Korean market, follow us on Twitter for all the action!