TAIPEI, Sept. 15, 2023 /PRNewswire/ — The price of PINs Network’s token, PINs, has soared by 2003% since its launch on LBank Launchpad. Early investors who participated in the Launchpad have gained returns of up to $20,000, calculated based on the individual hard cap of $1,000 for this Launchpad.
As a social metaverse project, PINs’ official Twitter account has 14.1K followers, with individual posts getting more than 50K views and nearly 6K interactions. Though there’s still a gap compared to top-tier projects, its recent growth in the bear market suggests other forces at play.
So why did the price of PINS’ token see such a significant increase? Two factors—South Korea’s cryptocurrency market and LBank’s support— can explain PINS’ surge.
1. South Korea’s Crypto Market
The timeline of PINS’ price rebound coincides with Korea’s “KBW2023” summit, which was heavily promoted in Korea. In fact, PINs has always been closely watching the Korean market. A Twitter user named Hamid has been a staunch supporter since day one, stating that PINS is about to release its whitepaper in Korean and has established a local marketing team. PINS is also planning various activities for Korean users, both online and offline.
This momentum reminds people of Ripple (XRP) in 2017, where 50% of the trading volume was propelled by Korean individual investors, resulting in a 10x increase in a few weeks. Recently, $Cyber also saw a sharp rise, said to be led by the Korean market, creating a notable “kimchi premium” where the price on Korean exchanges like Upbit is significantly higher than other exchanges.
Furthermore, according to an LBank official, nearly half of PINS’s close to $100 million trading volume on September 14 came from Korean IP addresses.
2. LBank’s Support
As the exchange leading this PINS Launchpad, LBank is an essential force in boosting PINs’ price. LBank has performed strongly among many exchanges this year, giving them the confidence to push this Launchpad even in a bear market. According to a CMC report, LBank captured 4.6% market share in the first half of this year, ranking 5th in spot trading volume. Their strategic focus on MEME coins, often considered high-risk due to their volatility, was a catalyst for this growth. LBank has been effective in listing quality MEME coins, thereby building a reputation for reliability.
Additionally, LBank is also focused on the Korean market. Last month, Bithumb officially announced a whitelist partnership with LBank, allowing unrestricted transfers between the two for all Korean users. LBank has now joined the local Code VASP compliance alliance after passing local regulatory requirements.
LBank’s official Twitter account has over 448K followers, with each post getting between 5K and 1M views. LBank’s extensive promotion in their community highlights the importance of this Launchpad in their recent strategy.
In summary, the significant price increase of PINS’ token is the result of a combination of the Korean crypto market and LBank’s strategic support, enabling PINS to maintain strong price performance even in a bear market. This indicates the enormous growth potential for PINs in the social metaverse sector, as well as LBank’s powerful influence in pushing emerging projects this year.
Furthermore, LBank has already launched the second project of its Launchpad, MetaExpand (UMM).