The cryptocurrency Espresso (ESP) surged 80% in a single day to trade at $0.173 following its listing on major South Korean exchanges. The move, which significantly outpaced the broader market, was accompanied by a massive spike in trading volume to $881 million and record-high open interest, signaling intense speculative demand.
The infrastructure project Espresso saw aggressive capital inflows after its token was listed on South Korean exchanges Upbit and Bithumb. This followed earlier listings on global platforms Binance and Coinbase in mid-February.
ESP’s price entered what analysts described as “clean discovery territory” with no historical resistance capping its momentum. Traders chased the upside aggressively, fearing a missed opportunity during the token’s violent expansion phase.
The breakout was backed by undeniable participation, with trading volume exploding to $881 million according to data from CoinGlass. This reflected intense speculative and spot demand, showing real commitment flowing into the market.
Meanwhile, open interest climbed to $56.03 million as fresh leverage entered quickly. These were not just small investors testing the waters, the report noted, indicating serious capital was now exposed to sharp swings.
Major Korean listings have historically fueled extended rallies, with Upbit access often amplifying aggressive retail-driven cycles. Binance’s deep liquidity provided a structural backbone for sustained trading activity, suggesting the rally carried more than just hype.
The $881 million in volume signaled undeniable capital rotation approaching billion-dollar territory. However, the report also cautioned that failure to sustain leverage could unwind gains sharply and brutally.
