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