• South Korean exchange Bithumb listed two meme tokens, FLOKI and PEPE.
• The listing of these tokens on the exchange could prove to be a threat to the liquidity of DOGE and SHIB.
• FLOKI’s exchange inflow had risen to its second highest value in May due to increased activity in the South Korean region.
South Korean Exchange Lists Two Meme Tokens
South Korean exchange Bithumb recently announced that it was listing two meme-inspired tokens – Floki Inu [FLOKI] and Pepe [PEPE]. Trading for both tokens began on 18 May, with Bithuum also adding that FLOKI users might be eligible for rewards for participating in the South Korean Won (KRW) market.
Increased Activity from South Korea Could Threaten SHIB and DOGE
The listing of these tokens comes with differing reactions, but it could well put Shiba Inu [SHIB] and Dogecoin [DOGE] on their toes due to recent development. This is because South Korea has contributed massive liquidity to the crypto ecosystem this year, with Ripple [XRP] being a beneficiary of increased activity in that region a few months ago. Following this development, FLOKI’s exchange inflow rose to its second highest value in the whole of May.
Social Volume On PEPE Has Decreased
On-chain data has shown that the social hype surrounding PEPE has significantly reduced as well. Built on top social data, this metric measures the number of search terms related to a particular token or keyword on different platforms such as Twitter and Reddit.
Bearish Implications for Token Values?
The trend of both metrics could have bearish implications for their respective values, which could threaten the liquidity of DOGE and SHIB. Despite this possibility though, expanding into new markets can sometimes serve as a growth hack for new tokens such as PEPE and FLOKI – but whether they will succeed remains unclear.
Overall, despite mixed reactions towards their listing on Bithumb Exchange, there is still potential for PEPE and FLOKI when considering their effort at expanding into new markets – although how successful they are likely depends on future developments within both Asia’s crypto space and other regions around the world.