The prices of cryptocurrency tokens severely fluctuated immediately after being listed on South Korea‘s cryptocurrency exchanges including Bithumb, Thursday.
The price of encrypted tokens Mithril and Aelf surged 11,100 percent and 90 percent, respectively, within 30 minutes after Bithumb announced the listing of the tokens at 6 p.m. Thursday.
The gains also immediately evaporated. Upon the initial coin offering at 6 p.m. Thursday, Mithrill traded at 250 won (23 cents) per token on Bithumb. The price jumped to 28,000 won by 6:30 p.m. Thursday, and five minutes after it was trading at 740 won.
Aelf traded at 1,000 won when listed at 6 p.m. Thursday. Thirty minutes later the price came to 1,900 won, while it dropped to 1,000 won after another 30 minutes.
Bithumb, Korea’s second-largest cryptocurrency exchange in trade volume, listed four tokens -- Icon, Tron, Mithrill and Aelf -- within a month. The exchange now trades 16 encrypted coins or tokens.
The Rookie coin price also suffered a similar fluctuation upon its ICO on Korean cryptocurrency exchange Coinrail. It jumped over 100 times in two hours, and suffered a similar plunge immediately.
By Son Ji-hyoung