It has been reported that the token was listed after Kakao, a tech giant who runs the most popular chat app in South Korea, made crypto transactions a part of their messaging app, KakaoTalk.
However, shortly after launch, Kakao announced that their messenger’s new crypto wallet function had surpassed 100,000 users in less than a day.
KLAY frenzy may have led to a sharp rise in traffic & trading volume for South Korean exchanges, reports @conexiondigicol https://t.co/je0GqHwtYu — Cointelegraph (@Cointelegraph) September 11, 2020
The report said that KLAY’s surge in value, which has more than tripled over three months, has led to rising volumes on other exchanges as well.
Currently, Coinone’s exchange accounts for 10% of the total domestic market in South Korea.
Thus, according to CoinMarketCap data, the exchange is currently in 12th place in terms of 24-hour volume globally.