South Korean cryptocurrency exchange Bithumb announced the listing of the Trump meme coin $TRUMP on its platform. The new asset will be available for trading starting January 21, 2025.
Listing on Bithumb
The Solana-based meme coin will be available for trading on January 21, 2025, at 19:00 KST with a base price of 53,350 won, approximately $37 for Korean traders. Deposits and withdrawals began following the announcement, with 20 deposit confirmations recorded.
Current market trends
The Trump meme coin is available on a South Korean exchange for the first time, although it is already traded on major global platforms, including Binance, Coinbase, and Robinhood. Initial trading on Bithumb will involve restrictions, blocking orders below 10% or above 100% of the standard price. Despite early success, the coin's price has dropped over 30% within 24 hours to $39.63. The launch led to a market cap exceeding $10 billion, which has since decreased to $7.8 billion.
Switch to a new banking partner
Bithumb recently switched its banking partnership from NH NongHyup Bank to KB Kookmin Bank for deposit and withdrawal services. This change was made following approval from South Korea's Financial Intelligence Unit. The transition allows users to link their Kookmin Bank accounts using detailed guidelines.
In conclusion, Bithumb's announcement of the Trump meme coin $TRUMP listing has stirred market excitement, accompanied by price volatility and significant trading volumes. Furthermore, the shift to a new banking partner is expected to enhance service delivery for the exchange's users.
