In a significant development for the cryptocurrency market, Coinbase, a leading US-based cryptocurrency exchange, and Upbit, a prominent exchange in South Korea, have announced new altcoin listings, sparking notable price movements in the digital asset community.
Both exchanges will add support for Flock (FLOCK), while Coinbase will also introduce SPX6900 (SPX), with trading scheduled to commence on September 9 at 9:00 AM Pacific Time (PT). The listings are subject to adequate token supply before they go live.
The announcement from Coinbase specified that SPX6900 operates on the Ethereum network as an ERC-20 token, while FLOCK will be available on the Base network. Users were cautioned to ensure they are using the correct networks for deposits to avoid potential loss of funds. The trading for both SPX-USD and FLOCK-USD pairs will be phased in, with regional availability varying due to jurisdictional restrictions.
Following the Coinbase announcement, SPX, a meme coin, experienced an increase from $1.33 to $1.41, representing a 6.02% gain. However, this momentum proved short-lived as the token retraced to $1.32, reflecting a decrease of 1.26% at the time of reporting.
In contrast, FLOCK saw a more substantial surge. The altcoin climbed from $0.26 to $0.30, marking a 15.38% rise amid initial excitement. This price movement exemplifies the ‘Coinbase Effect,’ where listings can lead to immediate price increases due to enhanced visibility and a perception of legitimacy.
While Coinbase’s announcement resulted in modest gains for SPX, Upbit’s decision to integrate FLOCK into its Korean Won (KRW) market yielded a much stronger market reaction. Trading began at 12 PM Korean Standard Time (KST), causing FLOCK’s price to skyrocket from $0.31 to $0.99—a staggering 219.35% increase, marking a new all-time high for the altcoin. However, the price later adjusted to $0.50, still reflecting an impressive 84.37% appreciation.
FLOCK also witnessed a dramatic spike in daily trading volume, reaching $197 million, a remarkable 2,051.30% increase compared to the previous day. The bulk of this trading activity was driven by Bithumb and Upbit, which accounted for 23.2% and 22.9% of the volume, respectively, underscoring the exchanges’ critical role in enhancing the liquidity of FLOCK.
These back-to-back listings by Coinbase and Upbit illustrate how regional exchange support can amplify global market dynamics. By harnessing Coinbase’s branding alongside Upbit’s strong presence in Southeast Asia, FLOCK has gained substantial traction and visibility, with expectations of sustained volatility and trading activity as market liquidity increases.
