MapleStory Hype Powers NXPC Surge Amid Flat Market Activity
1. Market Overview
South Korea’s crypto market saw relatively stable trading activity this week, with no major fluctuations in overall volume or sentiment. While Bitcoin and Ethereum maintained solid liquidity, the spotlight shifted to specific altcoins that captured community interest. Most notably, NXPC, backed by the globally popular MapleStory IP, generated substantial attention among Korean users, especially following its official launch and token generation event (TGE).
On the exchange front, Upbit and Bithumb both listed NEXPACE (NXPC), with Bithumb also adding Space and Time (SXT). NXPC quickly climbed to the 4th spot in Upbit’s trading volume rankings, while MOODENG made a surprise appearance as Bithumb’s 3rd most traded asset. NXPC’s performance was largely fueled by a massive user airdrop campaign (100 NXPC per user) on Upbit, sparking significant sell-side activity. This momentum was amplified by organic exposure from Korean KOLs tapping into nostalgia-driven content around the MapleStory Universe. In contrast, SXT showed little traction due to its complete lack of domestic marketing.
On social media, NXPC dominated conversation volumes across Korean crypto communities. Despite domestic marketing restrictions due to P2E regulations, the token leveraged a clever workaround—community-driven engagement and social airdrop incentives. The airdrop’s connection to social activity trends helped NXPC reach top awareness and engagement scores. This strong organic presence translated into one of the week’s highest trading volumes, even outperforming better-known assets like Dogecoin on some days. While other newly listed tokens struggled to gain attention, NXPC demonstrated the impact of combining a strong IP with grassroots momentum.
2. Exchanges
2-1. Newly Listed Coins
Last week, major Korean exchanges introduced several new listings:
- Upbit listed NEXPACE.
- Bithumb listed NEXPACE and ‘Space and Time’.
| Date | Upbit | Bithumb |
|---|---|---|
| 5/12 (Mon) | ||
| 5/13 (Tue) | Space and Time (SXT) | |
| 5/14 (Wed) | ||
| 5/15 (Thu) | NEXPACE (NXPC) | NEXPACE (NXPC) |
| 5/15 (Fri) |
Key Marketing Strategies & Takeaways
🔹 NEXPACE (NXPC)
NEXPACE is already a well-known name in the Web3 space, largely thanks to its flagship project, MapleStory Universe.
(Many people probably recognize NXPC simply as “the MapleStory Universe token.”)
One major reason for this perception is the lack of marketing in Korea, due to local regulations, P2E (Play-to-Earn) is considered illegal, which has effectively prevented any domestic promotional activity.
Nevertheless, the global strength of the MapleStory brand, especially in Korea, naturally helped the project gain significant traction within the Korean crypto community.
Much of that momentum came from the organic efforts of numerous Korean KOLs. Tapping into their nostalgic connection to MapleStory, many of them voluntarily showcased actual gameplay, often using VPNs, and shared their experiences publicly. This sparked curiosity among a wider audience, leading many to think, “Maybe I should give it a try too.” As a result, user participation was strong even during the testing phase, which seamlessly carried over into post-launch engagement.
MSU also cleverly tied recent airdrops to the hottest trend in the space, social activity. By indirectly highlighting this on X (formerly Twitter), the team succeeded in driving genuine, organic engagement from users. This not only rewarded the community fairly, but also enabled the project to execute a user-driven promotional strategy.
On TGE day, NXPC attracted even more attention by launching airdrop events and launchpool campaigns on major exchanges such as Binance Alpha, Upbit, and Bithumb. These activities served as a clear and effective announcement that the game had officially launched.
2-2. Trading Volume
This week, trading activity on South Korea's top two cryptocurrency exchanges, Upbit and Bithumb, maintained a similar level compared to the previous week. However, Bithumb experienced a noticeable increase in trading volume, with Upbit recording a daily average of $2.62 billion and Bithumb $1.27 billion.
XRP dominated the trading volume rankings on both exchanges, with Upbit recording $2.3 billion and Bithumb $1.27 billion in XRP trading volume. NXPC and MOODENG emerged as major players in the top trading volume list: NXPC ranked 4th on Upbit, despite being listed on both exchanges. MOODENG secured the 3rd spot on Bithumb.NXPC's significant trading volume on Upbit was primarily driven by a large sell volume resulting from a special event. Upbit hosted a high-profile promotion where participants received 100 NXPC per person, leading to a surge in sell orders and overall trading activity.
Apart from NXPC and MOODENG, Ethereum (ETH), Bitcoin (BTC), and Dogecoin (DOGE) consistently recorded strong trading volumes, reflecting solid liquidity among major assets. The focus on major assets indicates a preference for well-established cryptocurrencies amid ongoing market developments. This week’s trading pattern demonstrates a balanced market, with solid participation across both established and newly trending assets.
2-3. Top 10 Gainers
This week was characterized by relatively low returns despite stable trading volumes and showed a significant difference in returns between the two exchanges, with only MASK and SNT among the top-performing assets being listed on both exchanges. Even these two showed return differences between exchanges. Upbit’s highest return asset was ATH (12.8%), while Bithumb’s top performer was PUNDIAI (71%). Few assets achieved returns exceeding 10%, especially on Upbit, where most assets recorded single-digit gains or losses, except for ATH, MASK, and ANIME.
On Bithumb, more assets showed strong performance. PUNDIAI (71%), FXS (38%), and GRASS (30%) led the market in returns, highlighting a higher ROI concentration compared to Upbit.
3. Korean Community Buzz
3.1 NXPC TGE Dominates the Conversation
The long-awaited NXPC TGE on May 14 had the Korean crypto community buzzing all day. Korean whales made headlines for depositing massive amounts of BTC and ETH—some as high as 10, 15, even 60 BTC—on Gate.io to farm $NXPC. Meanwhile, airdrop campaigns across Binance Alpha, Upbit, and Bithumb sparked excitement and envy alike, as token allocations varied wildly among users.
The launch also reignited debate around Korea’s strict gaming regulations. In Korea, if a game is considered speculative or gambling-related, earning in-game tokens is heavily restricted. Ironically, while MapleStory’s NXPC token was listed on all major Korean exchanges, Korean users are still prohibited from earning tokens through gameplay, effectively making overseas users the sole suppliers of in-game assets. Many in the community criticized this inconsistency, noting that MapleStory’s Korean fanbase—arguably the most invested—has been excluded from participating as meaningful stakeholders.
3.2 Crypto Enters Korea’s Presidential Race
Crypto became a hot topic in Korean politics this week. The campaign team for Lee Jae-myung, a major opposition candidate, stated that if digital assets are classified as eligible assets under revised laws, institutional players like Korea’s National Pension Fund could legally participate. They also reaffirmed plans to push for a comprehensive digital asset framework, along with reforms to Korea’s capital markets and foreign exchange laws.
Meanwhile, rival candidate Lee Jun-seok publicly challenged Lee on specifics during a televised debate—raising questions about the differences between USDT and USDC, and the structure of KRW stablecoin collateralization. While the answers were vague, the fact that crypto was even mentioned in a mainstream presidential debate was seen as a positive step by much of the community.
3.3 Former Upbit Manager Launches Telegram Channel
A new Telegram channel “rentestnet” launched this week, quickly gaining traction after being promoted by top KOLs like WeCryptoTogether. The channel’s founder is a former Upbit product lead, who left the company on May 13 after three years.
Although only a few posts are live so far, the channel quickly amassed over 3,700 subscribers. The founder noted that they hope to share insights and maintain connections within the industry. Given their background and support from well-established voices in the community, many are watching to see how the channel evolves.
4. Events
The AMA is kicking off this Monday as the new week begins. The weather has been getting really nice lately, and offline side events are starting to pop up one by one here in Korea. If you've been trading crypto from your room, it might be a good idea to take a break and get some fresh air.
4.1. MIRA AMA with Wecrypto
Karan, who is participating in this AMA, previously worked at Accel, one of the leading venture capital firms in Silicon Valley. He was responsible for overseeing investments in AI companies such as Meta, Scale AI, and Synthesia.
Through this AMA, user will have the opportunity to learn more about Mira — a project that provides infrastructure to filter out flaws and misinformation in AI, aiming to enhance trust and reliability.
4.2. BNB Chain AMA with Wecrypto
This AMA offers a glimpse into the latest updates about BNB Chain and what’s currently in the works. For those interested, we recommend tuning in to the recording to catch up on the key updates and conversations that took place.
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!