Backed by the cryptocurrency exchange Binance’s IEO platform Launchpad, Space ID ($ID) had a lackluster performance in the past six months. However, it is now experiencing a resurgence with an 85.2% surge within 24 hours, reaching $0.519.
(Prior summary: Binance IEO | Space ID raised $2.86 billion! $ID once surged 10,000%.)
(Background supplement: SPACE ID strategic goals explained in detail – subsequent airdrop plans, subdomains, becoming a Web3 entry-level DID.)
Binance, the leading cryptocurrency exchange, announced the launch of its IEO platform, Launchpad, on March 17th last year, introducing its thirtieth project, Space ID ($ID). However, the sales activity sparked controversy among some early participants who believed that the airdrop distribution mechanism was unfair, causing a significant uproar within the community.
Further reading: Domain service Space ID announces airdrop rules, community expresses dissatisfaction, project reputation affected.
Despite the initial impressive performance of ID’s price at the opening, surging to $2.50 at one point, its price remained mediocre in the second half of 2023, fluctuating around $0.24 to $0.3.
However, after approximately one year since its listing, ID’s price has experienced a second spring, skyrocketing 85.2% within 24 hours to reach $0.519.
Space ID price | Source: Coingecko
The Return of the Korean Kimchi!
What recent progress has Space ID made in the past year to cause such a surge in price?
It seems that the surge is due to South Korea’s largest cryptocurrency exchange, Upbit, launching ID-Korean won trading services on February 7th, 2024, at 14:00 local time (for this new ID trading pair, Upbit will only accept deposits from the Ethereum network).
The Korean crypto trading frenzy fueled by the Korean cryptosphere has occurred multiple times since the end of June. From Bitcoin Cash (BCH), STORJ, 1inch to Ripple (XRP) – the concept coin involved in a lawsuit – these tokens have become major trading pairs in the country and have experienced significant price surges due to speculative activities.
After ID’s listing on Upbit, its price quickly surpassed 1,000 Korean won, approximately $0.75, and with a premium of 167%, it generated increased trading activity, bringing ID back into the spotlight.
ID-Korean won price | Source: Upbit
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