Unusually Busy Week as New Listings Pile Into Korean Exchanges

1. Market Overview

Last week saw several notable listings in Korea, including WLFI, USD1, and Redstone on Upbit, alongside WLFI, WLFI USD, and Euler Finance on Bithumb. Trading volumes remained strong, with ETH ($1.40B) and XRP ($1.28B) leading on Upbit, followed by WLFI ($1.17B) and large-cap tokens like BTC ($740M) and SOL ($674M). Bithumb showed a different composition, where USDT ($877M) took the top spot ahead of XRP ($683M) and ETH ($639M), highlighting a heavier reliance on stablecoin-driven trading. Meanwhile, altcoins such as ENA, DOGE, SOL, and PENGU maintained solid activity across both exchanges, signaling steady retail interest beyond the majors.

Price action diverged sharply between platforms. On Upbit, mid-cap tokens drove gains, led by ENA (+17.2%), IP (+16.4%), and WAL (+12.8%), while MANA, TREE, and BCH also posted solid single-digit rises, indicating renewed focus on established ecosystems. Bithumb, by contrast, displayed much higher volatility, with RED (+75%) and NMR (+49%) soaring alongside strong moves from TOWNS, SOON, and EIGEN. This contrast highlights different trading dynamics: Upbit favored steady growth in liquid mid-caps, while Bithumb attracted speculative flows into high-beta assets.

2. Exchanges

2-1. Newly Listed Coins

Last week, major Korean exchanges introduced several new listings:

• Upbit listed FLock, Worldcoin, OpenLedger, Linea, Holoworld and Pump.fun.
• Bithumb listed OpenLedger, Linea and Pump.fun.

Key Marketing Strategies & Takeaways

🔹 OpenLedger (OPEN)

OpenLedger’s marketing in Korea can be described as a full-package 2025-style comprehensive strategy. From KOL marketing to AMAs, offline meetups, campaigns, and more—it’s safe to say they executed almost every possible initiative.

Below is a breakdown of the most impactful activities:

1. Offline Meetups

OpenLedger hosted multiple public and private offline meetups. In the early stages of entering the Korean market, they organized private gatherings with local KOLs to introduce OpenLedger in more detail and build stronger relationships. Sharing a symbolic octopus dish added a unique touch that left a lasting impression on attendees.

The real highlight, however, was the public community meetup. As previously mentioned in earlier reports, offline events in Korea were increasingly offering token airdrops to attendees. OpenLedger also allocated generous rewards at its meetup during this period.

As a result, more than 1,500 people registered, and due to venue capacity, around 600 attendees participated on the day.

Despite not being held during KBW—the country’s largest blockchain event—it was the most attended side event in Korea’s history.

Additionally, all attendees received an $OPEN airdrop after the TGE.

2. Campaigns

To ensure continuous user participation, OpenLedger ran numerous campaigns in Korea. Unlike most projects that stop after one or two campaigns, OpenLedger executed multiple rounds using a wide pool of KOLs, maximizing exposure among Korean users.

The standout case was the “Paldo Campaign.” While 99% of blockchain meetups in Korea take place in Seoul, OpenLedger tapped into this gap by launching regional campaigns to engage users outside the capital. This initiative generated over 100,000 engagements.

This was a smart strategy that leveraged Korea’s relatively small but segmented Telegram ecosystem.

3. AMAs

Similar to campaigns, OpenLedger didn’t limit itself to a handful of KOLs for AMAs. Instead, it partnered with multiple KOLs and agencies, ensuring not only broad exposure but also more detailed delivery of project updates.

4. Kaito

Korean users often feel fatigued when it comes to posting repeated “Kaito shill” content, as it usually dries up quickly after a few posts. However, OpenLedger continuously provided fresh material through its campaigns and events, fueling ongoing Kaito social activity.

Their exclusive reward pool for Korean users also played a significant role in sustaining engagement.

5. Other Activities

Beyond community-driven initiatives, OpenLedger also:

• Featured on Maeil Business TV (one of Korea’s leading economic TV channels), where founder Ram gave a direct interview.
• Appeared on EO, a popular YouTube channel for startups.
• Launched a ₩7 billion (~$5M) AI Builder Grants program in Korea.

Finally, when Korea suffered severe flood damage, OpenLedger even made a ₩5 million donation, reinforcing its commitment to the local community.

Overall, OpenLedger’s activities in Korea can truly be seen as a comprehensive marketing set.

2-2. Trading Volume

Last week, Upbit saw XRP lead trading activity with USD 1.80 billion, followed closely by ETH at USD 1.63 billion and DOGE at USD 1.61 billion, while SOL, USDT, and BTC also maintained strong trading volumes above USD 800 million. Mid-tier tokens including WLD, ATH, HOLO, KAITO, and WLFI showed solid liquidity, reflecting broad investor participation across both major and smaller-cap assets.

On Bithumb, USDT topped the chart at USD 1.37 billion, with WLD following at USD 1.34 billion, demonstrating significant trading interest in stablecoins and AI-related projects. XRP, ETH, DOGE, and SOL remained prominent across both exchanges, while tokens such as ENA, PENGU, ONDO, and WLFI entered the top twelve, signaling growing attention toward emerging tokens and new listings.

Overall, trading activity across Upbit and Bithumb highlighted a clear distinction in exchange preferences, with Upbit favoring XRP and ETH, and Bithumb showing stronger volume in USDT and WLD. The presence of both major cryptocurrencies and niche tokens in the top ranks suggests sustained engagement from both retail and institutional participants, supporting a diversified trading landscape.

2-3. Top 10 Gainers

Last week, Upbit saw MOODENG lead price growth with a 44.72% increase, followed by MNT at 40.31% and AWE at 33.01%, while ATH, IMX, and DRIFT also posted strong gains above 20%, reflecting sustained investor interest in both mid-cap and emerging tokens. AVAX, DOGE, SONIC, and ONDO rounded out the top ten, demonstrating continued momentum in both meme and utility-driven projects.

On Bithumb, F surged dramatically by 199.78%, with PUMPBTC and PEAQ rising 139.90% and 69.24% respectively, highlighting speculative spikes and high volatility in niche assets. AVAIL, YGG, and ATH also recorded notable growth, and MOODENG mirrored its performance on Upbit with a 43.72% increase, indicating cross-exchange investor engagement. PLUME, H, and MNT completed the top ten, showing a mix of established and newly recognized tokens attracting attention.

Overall, the top performers across both exchanges illustrate a diversified market dynamic, where both high-profile cryptocurrencies and smaller emerging projects are driving weekly gains. The overlap in rising assets such as ATH and MOODENG across platforms suggests strong investor sentiment, while dramatic single-token surges like F on Bithumb indicate heightened speculative activity influencing the short-term market landscape.

3. Korean Community Buzz

1. Upbit Presents Its Future Vision at UDC 2025

At this year’s Upbit D Conference (UDC 2025), Upbit unveiled its ambition to evolve from a digital asset exchange into a full-scale blockchain infrastructure company shaping the future of finance. The highlight was the launch of GIWA Chain and GIWA Wallet, where “GIWA” stands for Global Infrastructure for Web3 Access. The metaphor of overlapping roof tiles protecting homes in Korea symbolized the chain’s mission to securely layer and protect on-chain data.

(Source)

The Korean crypto community reacted with excitement, with some users saying they couldn’t wait to “explore GIWA’s mainnet” and others joking about finding the next “legendary honey pot.” A past Tiger Research report on Korean exchanges potentially launching their own mainnets resurfaced, while sharp KOLs even rushed to secure the official GIWA handle on Twitter—sparking admiration and playful envy across the community.

2. Penguins Take Over Korean Streets

Pudgy Penguins continued to dominate Korean mindshare last week by sponsoring the Series.L Concert, where top Korean artists performed. KOLs who scored tickets ran giveaways for their followers, and after the event, Telegram and Twitter were flooded with concert photos and posts—especially of the Pudgy Penguins claw machines, which became a hot talking point.

Meanwhile, the penguins’ presence expanded offline too, with branded airport buses, subway displays in Gangnam, and ongoing street-level marketing. A Korean crypto media outlet even published an article titled “Pudgy Penguins Will Inherit Disney’s Throne”. With such an aggressive push, many in the community are speculating whether Pudgy’s cute IP could truly drive mass adoption in Korea.

3. WCT’s One-Year Reflection Goes Viral

On his way to UDC 2025, top Korean KOL Wecryptotogether (WCT) shared a personal reflection on his past year in the space. The post quickly went viral, reaching over 21.7K views on Twitter. In it, he compared how he felt a year ago versus now, offering candid insights into his journey and the broader Korean crypto market.

The post was widely shared among community members and KOLs, with many recommending it as a must-read for anyone curious about Korea’s Web3 scene. Since it was written in Korean, international readers may need translation, but it’s already making the rounds as a reference point for the mindset of Korea’s most influential retail voice.

(Source)

4. Web3 Event

Finally, the busy Korea Blockchain Week is coming this September. Throughout this month, starting from mid-September, a variety of Web3 side events are expected to take place. To make it easier for you to keep track, we are sharing the KBW Sheet.

Through this sheet, you can check events, registrations, locations, and more throughout the month.

✅ All about Korea Blockchain Week 2025 ➡ Link

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!