Upbit's Bumpy Listings Leave Traders Divided
South Korea's largest cryptocurrency exchange, Upbit, added six new tokens to its platform on Monday, but the reaction from traders was far from uniform. Among them, Cysic (CYS) surged by nearly 32% in a matter of hours, while Anoma (XAN) took a hit of over 38%, prompting an emergency price cut.
The delayed launch of these tokens was due to technical issues and thin liquidity on the bridge page. Upbit's decision to delay the opening time twice, from 2 p.m. to 5 p.m. and then to 8 p.m., further contributed to the uncertainty among traders.
Cysic, a compute token that allows users to trade graphics cards and mining hardware as tradable compute power, appears to have benefited from the listing hype. Its price rose by over 34% in 24 hours, with a market cap exceeding $200 million. In contrast, Anoma, which markets itself as a decentralized operating system hiding blockchain complexity behind one interface, saw its price plummet by nearly 32%.
The uneven reaction to the new listings suggests that traders are selectively demanding compute and AI tokens rather than participating in a broad listing rally. The success of these tokens will be closely watched in the coming days, particularly Cysic's ability to defend its premium without a live Upbit order book.