Bithumb to List Kyber Network and OmiseGo: Both Kyber Network (KNC) and OmiseGo (OMG) are surging today. Why? Likely because Bithumb, South Korea’s largest crypto exchange, is forecasted to list both tokens later this evening.
Bithumb to List Kyber Network and OmiseGo
Kyber Network (KNC) and OmiseGo (OMG) both witnessed massive gains in both price and volume ahead of their listing on the South Korean exchange today. For those who don’t know, KNC is a decentralized crypto exchange, while OMG is an Ethereum-based scaling solution.
Kyber Network (KNC) is currently up 30.13% in the past twenty-four hours.
Meanwhile, OmiseGo is up 20.38% in the past twenty-four hours.
Is This a Good Idea?
There are certainly both pros and cons to the decision of Bithumb to list Kyber Network and OmiseGo. However, regardless of the cons, there is a reason to suspect that this was not a rushed decision on behalf of Bithumb. According to various sources, when the South Korean crypto exchange decided to list Qtum and Zcash, it took months of heavy market research before making the final decision to integrate the tokens. If Bithumb approached Kyber Network (KNC) and OmiseGo (OMG) the same way, I wouldn’t say this was a rash decision.
The pros of the decision for Bithumb to list Kyber Network and OmiseGo consist of the following: the price of both Kyber Network (KNC) and OmiseGo (OMG) could increase even further, recording big gains. Meanwhile, the cons include the fact that the price of both tokens could actually plunge after the listing, demonstrating a steep dump. Further, this listing – deemed a “jackpot listing” – could prove to be a problem for the company. Why? Because after the listing, blockchain projects are going to rush the South Korean exchange, asking if their tokens could be listed so that they too can experience the “Bithumb pump.”
The Bithumb Listing Jackpot Takeaway
It’s going to be interesting to see how the prices of each token react after the listing has been made official. Overall, what do you think of the decision for Bithumb to list Kyber Network and OmiseGo?