More than 100 altcoins listed on South Korea’s Kobit and Coinone recorded zero trading volume over 24 hours as of 2 p.m. on the 8th, according to exchange data cited in the report, highlighting a sharp liquidity gap versus larger local rivals.

The report said that more than 80 of the over 190 virtual assets available on Kobit had zero 24-hour trading volume, while around 130 of 360 assets on Coinone also showed no trading over the same period. Excluding overlapping listings between the two exchanges, the number of altcoins with no trading activity exceeded 100.

By contrast, the won markets of Upbit and Bithumb reportedly had no altcoins with zero trading volume at the time of the comparison. That contrast points to a more severe liquidity shortfall on Kobit and Coinone, especially in smaller tokens that depend on continuous order-book activity to keep quoted prices current.

The report also noted that tokens with no trades remained at their last transaction price, creating cross-exchange price differences of as much as 19.8%. In one example, an altcoin posted 24-hour trading volume of 428.34 million won on Upbit but only 5,000 won on Kobit. In such conditions, even small orders can move prices sharply, while slippage can rise as available bids and offers thin out.

Industry participants cited a lack of liquidity as a core issue and said the market structure makes it difficult for exchanges to directly participate in trading, contributing to weaker turnover. Kobit and Coinone have waived trading fees for all assets since the end of last month, but the report said that step appears to have had limited effect in reviving altcoin activity.

Why It Matters

This matters less as a headline about individual altcoins and more as a signal about exchange market quality. Zero-volume listings raise practical concerns around price discovery, order execution, and whether displayed prices still reflect tradable levels. For users, that can turn a listed market into one that is technically open but functionally difficult to access.

The episode also highlights how liquidity in South Korea’s crypto market may be concentrating on larger venues, leaving smaller exchanges with weaker depth in long-tail assets. If that pattern continues, it could affect how traders assess venue risk, how exchanges manage marginal listings, and how regulators and market participants view investor protection in thinly traded tokens.