Recently, the listing strategies of Korean exchanges are definitely worth paying attention to. Upbit and Bithumb have been frequently listing new coins, which might reflect a few trends: first, exchanges are trying to boost trading volume during the bear market with new tokens; second, Korean retail investors seem to have a relatively high acceptance of new projects. However, the impact of major exchange listings is weakening. The days of instant surges after listings are gone, and now it’s more about short-term hype followed by long-term declines. Many projects are indeed treating Korean exchanges as their last liquidity outlet. This phenomenon reflects the tightening of global liquidity and the increasing rationality of investors.