Upbit Listing May Spur Raydium (RAY) Price Recovery Amid South Korea’s Expanding Crypto Market

• South Korea’s major exchanges Upbit and Bithumb have recently listed new tokens, sparking significant price rallies and renewed investor interest in the local crypto market.

• Raydium (RAY), Huma Finance (HUMA), and Forta (FORT) experienced notable price surges following their listings, highlighting the impact of exchange support on token performance.

• According to COINOTAG, these developments underscore South Korea’s expanding crypto ecosystem, which saw KRW-denominated trading volumes reach nearly $663 billion in 2025.

Upbit and Bithumb listings of Raydium, Huma Finance, and Forta trigger strong price gains, reflecting South Korea’s growing crypto market and increased adoption in 2025.

Upbit’s Raydium (RAY) Listing Sparks Market Optimism

Upbit’s announcement to list Raydium (RAY) at 12:00 PM KST marked a pivotal moment for the token, which had faced a steep 27.3% decline over the previous month. As a decentralized exchange and automated market maker on the Solana blockchain, Raydium’s native token had seen its market capitalization halved from over $1 billion to approximately $500 million.

The listing announcement catalyzed a swift 34.3% price increase, with RAY climbing from $2.07 to $2.78 within minutes, pushing its market cap above $655 million. Although a modest correction followed, RAY maintained gains, trading at $2.32 at the time of writing. This pattern aligns with Upbit’s historical influence on altcoin performance, where listings often trigger short-term rallies.

Upbit’s strategic support for RAY highlights the exchange’s role in revitalizing tokens with recent downward trends, offering renewed liquidity and investor confidence.

Price Dynamics and Market Impact of Raydium Listing

The immediate price surge following the listing announcement illustrates the strong correlation between exchange support and token valuation. Market participants often view such listings as endorsements of a token’s viability and potential liquidity improvements. This phenomenon was evident as RAY’s market cap rebounded significantly, signaling increased trading activity and investor interest.

Moreover, the listing contributed to broader market sentiment, encouraging speculative trading and short-term investment strategies. Upbit’s reputation as a leading South Korean exchange amplifies this effect, making its listings highly anticipated events within the crypto community.

Bithumb’s Addition of HUMA and FORT Enhances Market Diversity

Bithumb’s decision to list Huma Finance (HUMA) and Forta (FORT) further diversified the KRW trading market. HUMA experienced a 12.0% price increase shortly after listing, reflecting initial market enthusiasm despite a subsequent pullback to $0.037. In contrast, FORT demonstrated a robust 52.2% surge, reaching $0.10 and becoming the top daily gainer on CoinGecko.

The strong performance of FORT underscores growing investor appetite for emerging tokens within South Korea’s crypto ecosystem. Bithumb’s listings contribute to increased market liquidity and provide traders with expanded options, fostering a more dynamic trading environment.

South Korea’s Expanding Cryptocurrency Market and Its Challenges

South Korea’s cryptocurrency market continues to demonstrate robust growth, with KRW-denominated trading volumes reaching nearly $663 billion in 2025, positioning the country as the world’s second-largest crypto market after the United States. Approximately one-third of South Korean adults now own cryptocurrency, doubling the adoption rate seen in the US.

Despite this growth, challenges persist. Kaiko Research highlights ongoing obstacles such as fragmented markets, low stablecoin adoption, and the persistent “kimchi premium”—a price differential unique to Korean exchanges—that hinder institutional participation and product innovation.

Addressing these barriers will be critical for sustaining momentum and fostering a more integrated and efficient market that can support long-term growth and innovation.

Conclusion

The recent token listings by Upbit and Bithumb have invigorated South Korea’s cryptocurrency market, demonstrating the significant influence of exchange support on token performance. Raydium’s rebound and Forta’s remarkable gains exemplify how strategic listings can catalyze investor interest and market activity. As South Korea solidifies its position as a leading global crypto hub, overcoming structural challenges will be essential to unlocking further growth and innovation in the sector.

Investors and market participants should monitor upcoming exchange listings and regulatory developments closely, as these factors will continue to shape the trajectory of South Korea’s dynamic crypto landscape.