Backed by the cryptocurrency exchange Binance’s Launchpad, Space ID ($ID) had a mediocre performance in the past six months. However, it is now experiencing a resurgence after being listed on a Korean exchange, with a sudden surge of 85.2% within 24 hours, reaching $0.519.
(Brief summary: Binance IEO | Space ID raised $2.86 billion! $ID once surged by 10,000%.)
(Background information: SPACE ID Strategic Goals Explained: Subsequent Airdrop Plans, Subdomains, and Becoming a Web3 Entry-Level DID.)
Binance’s IEO platform, Launchpad, announced the launch of its 30th project, Space ID ($ID), on March 17th last year. However, the sale caused a significant controversy as some early participants believed the airdrop distribution mechanism was unfair.
Further reading: Domain Service Space ID Announces Airdrop Rules, Community Outraged, Project Undermined.
Despite the initial impressive performance with an opening price surging to $2.50, the price of $ID remained lackluster in the second half of 2023, fluctuating between $0.24 and $0.3.
However, after almost a year since its listing, the price of $ID is experiencing a second surge, with an 85.2% increase within 24 hours, reaching $0.519.
Space ID price | Source: Coingecko
The Return of the Korean Kimchi!
After a year, what new progress has Space ID made recently to drive such a price surge?
It seems that the surge is due to Upbit, the largest cryptocurrency exchange in South Korea, launching $ID trading services against the Korean Won on February 7th, 2024, at 14:00 local time. (This new listing of $ID on Upbit will only accept deposits from the Ethereum network.)
The Korean crypto community has been driving market trends for some time now. Since the end of June, there have been multiple waves of cryptocurrency trading movements in Korea. From Bitcoin Cash (BCH), STORJ, 1inch to Ripple (XRP), these tokens have become major trading pairs in the country, and they have all experienced significant price surges under the influence of speculation.
After $ID was listed on Upbit, its price quickly surpassed 1,000 Korean Won, approximately $0.75, and with a premium of 167%, it sparked trading activities and regained attention in the market.
$ID Korean Won price | Source: Upbit
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