Bithumb
South Korea’s Bithumb to launch $TRUMP trading for 53k won
Bithumb announced that it will be launching $TRUMP meme coin on its platform with a base price of 53,350 won three days after its official launch.
Bithumb, South Korea’s second largest crypto exchange, will launch the official Trump meme coin, $TRUMP (TRUMP), following a surge of demand in the crypto market. The crypto exchange is offering $TRUMP at a base price of 53,350 won (equal to around $37) for its Korean traders who are interested in investing in the U.S. President’s meme coin.
The Solana-based meme coin will be available for trading on Bithumb starting from Jan. 21, 2025 at 19:00 KST. Though, traders can begin withdrawing or depositing the token one hour after the announcement was posted, at approximately 18:36 KST. So far, there are already a total of 20 deposit confirmations lodged into Bithumb for $TRUMP.
According to data from crypto.news, Trump’s meme coin has gone down by more than 30% in the past 24 hours of trading. The meme coin is currently valued at $39.63. Despite its strong start, reaching more than $10 billion in market cap mere hours after its launch, the token’s market cap has slipped to $7.8 billion. However, it still ranks in number 28 on the crypto board by market cap.
The official Trump meme coin has accumulated a trading volume of more than $19 billion in the past 24 hours of trading, with its price fluctuating between $31.58 and $58.55. The meme coin also has a fully diluted valuation of nearly $40 billion.
So far, the Trump meme coin has been listed on several major crypto exchanges, including Coinbase, Binance, and Robinhood. Bithumb becomes the first South Korean crypto exchange to launch the official Trump meme coin.
According to the Bithumb notice, buying and selling orders for the token will be restricted for 5 minutes at the beginning of trading, at prices less than -10% of the standard price and more than +100% of the standard price. Automatic orders will only be possible after the first transaction.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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Bithumb, one of South Korea’s leading cryptocurrency exchanges, has listed Ancient8 (A8) and Drift (DRIFT) tokens on its platform. Following the announcement, A8 price surged by 30%, while the other token gained 7%, showcasing strong investor interest. The listings further reinforce the growing appeal of Web3 gaming and decentralized trading solutions among global investors.
Bithumb Announces Ancient8 and Drift Listing
On January 14, Bithumb announced the listing of Ancient8 and Drift tokens on its platform, adding them to the KRW pairs. Deposits and withdrawals opened within two hours of the announcement, while trading began at 5:00 PM.
A8 debuted at a base price of 429 won, supported on the Ethereum network, requiring 33 deposit confirmations. DRIFT was introduced at 1,605 won, operating on the Solana network, with 20 deposit confirmations. Both tokens are anticipated to attract significant trading activity due to their unique features and use cases.
The inclusion of these tokens highlights the exchange’s commitment to supporting innovative projects in the crypto ecosystem.
Bithumb Trading Rules and Restrictions
To ensure a secure trading environment, Bithumb has implemented temporary transaction restrictions for these new listings. Buying orders are restricted for the first five minutes after trading begins, while selling orders are limited during the same period, preventing prices from dropping below 10% or exceeding 100% of the base price.
Additionally, deposits and withdrawals are supported only through recognized networks. Deposits via unsupported networks will not be processed, and users are advised to double-check the address and network before initiating transactions.
A8 and DRIFT Crypto Tokens Performance
Following the listing announcement, Ancient8 (A8) price saw a 30% surge, with the price now trading at $0.3293. Its 24-hour low and high are $0.25 and $0.3756, respectively. It has a market cap of $76.74 million, and trading volume has increased by 265% after the announcement and is now at $6 million.
Similarly, DRIFT price was trading at $1.183, marking a 7% increase in the last 24 hours. The token rose over 140% in the last quarter. It has a market cap of $324 million and a trading volume of $88 million, which marks a whopping 365% increase in the last 24 hours. Crypto investor Da’G recently shared on X that the token is poised for a breakout, targeting $5 as its near-term goal.
Listings on major exchanges often lead to price spikes by increasing trader and investor access. As seen with Zircuit price surged 35% after the listing announcement on Bithumb platform listing.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bithumb, one of South Korea’s leading cryptocurrency exchanges, has transformed its now-defunct subsidiary, Bithumb Meta, into Bithumb Partners.
As reported by BizWatch today, the rebranding is interpreted as a major strategic change. Apart from the name, the focus has changed to investment operations, forming a new entity within Bithumb.
In the fourth quarter of 2024, Bithumb rebranded and injected another 1 billion KRW or 6,80,099 USD, bringing the total capital for the subsidiary under 100% ownership of Bithumb to around 2 million dollars. In 2023, previous investors in Bithumb Meta-such as LG CNS, CJ OliveNetworks, and SK Square-have now officially departed, given that the subsidiary did not live up to its expectations from NFT and metaverse projects.
Bithumb Partners will now officially be led by an external recruit named Im Tae-seong. Accordingly, management at Bithumb will occupy all key positions, just like the internal directory and audits. The shake-up also ended with the departure and dissolution of the founding management team of Bithumb Meta.
Bithumb Partners shall, therefore, be a short-term investment vehicle into themed deals of stocks and bonds employing Bithumb internal funds. This is in contrast to Bithumb Investment, which mostly engages in external investments. Moreover, Bithumb has historically invested in convertible bond investments in KOSDAQ-listed companies Iwin, Barunson, and T&R Biofab. For the time being, Bithumb Partners is looking to continue overseeing existing short-term stationary investments in addition to potentially extending into a full-fledged strategic or financial investor.
There was a common sentiment among industry experts regarding Bithumb Partners, and the intended ‘spinoff’ Bithumb has been reported in the first half of 2023. There was a vision to set up an investment company used for holding operations to manage investments and real estate through leasing. Nevertheless, Bithumb Partners is the brainchild of the previous vision but takes on a more streamlined process than the initial plan.
“We restructured Bithumb Meta into Bithumb Partners to streamline operations and focus on managing assets like stocks and bonds, as well as short-term financial investments. Creating a new entity from scratch and liquidating the old one would have been time-intensive.”
Bithumb spokesperson.
Bithumb’s IPO positioning
This development coincides with an announcement made by Bithumb that it intends to undertake an IPO in 2025. Forming an investment-centric subsidiary will likely fall under a wider optimization effort of its corporate structure and financial works toward the planned IPO.
Some of them said your company reorganized Bithumb Meta into Bithumb Partners to streamline operations more easily and focus on asset management related to stocks and bonds and short-term financial investments. Creating a new asset from scratch and liquidating the old one would take way too long.
This follows in parallel with Bithumb’s proposal and announcement to go for an initial public offering in the United States by 2025. Forming an investment-focused subsidiary forms such a great effort to put corporate structure and operations into order before the IPO itself.
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