South Korea’s two largest cryptocurrency exchanges, Upbit and Bithumb, have expanded their offerings by announcing the addition of new digital assets, enhancing opportunities for investors in the burgeoning cryptocurrency market.
Upbit has officially listed the Sun Token (SUN), a governance token associated with the decentralized finance (DeFi) platform SUN.io, which operates on the TRON blockchain. The exchange opened trading for SUN on September 22 at 12:00 Korean Standard Time (KST), allowing users to trade the token against the Korean won (KRW) and Tether (USDT). In its announcement, Upbit stated that both deposits and withdrawals would be supported on the TRON network, emphasizing the need for transactions to be conducted via specified channels. The platform also provided the verified contract address for the token, warning users that transfers initiated outside of the designated networks would not be executed.
In accordance with regulations, Upbit noted that deposits from exchanges not recognized as Virtual Asset Service Providers (VASPs) would not be processed, potentially leading to delays in the return of such deposits. This proactive measure is part of the exchange’s compliance with the Travel Rule, aimed at reducing the risk of fraud in the cryptocurrency space.
Following the listing, SUN experienced a significant price surge, climbing from $0.025 to $0.034—a 36% increase—before settling at around $0.030, indicating over a 20% rise since the announcement. Despite this initial boost, trading activity has seen a decline, with CoinGecko reporting a 36% drop in daily trading volume over the same period. Nevertheless, Upbit has quickly garnered more than 12.54% of SUN’s trading volume shortly after its debut.
In a parallel move, Bithumb announced it would begin trading the 0G token, which is part of the AI infrastructure project of the same name. Scheduled to commence trading at 7:00 PM KST, 0G will also be tradable against KRW. Notably, this token has drawn considerable institutional interest, with Flora Growth Corp. committing $401 million to establish a treasury strategy focused on 0G. The incoming CEO of Flora Growth, Daniel Reis-Faria, commented on the critical role of AI in reshaping company operations and infrastructure, highlighting that this treasury strategy offers institutional investors a chance to gain exposure to foundational infrastructure designed for efficient AI development.
As the 0G token prepares for its launch, market participants will be closely observing its reception, particularly in light of its notable institutional backing and listings on major exchanges like Binance. The focus will be whether these factors will lead to sustained adoption or contribute to volatility during the initial trading phase.
