Haciyev Reşit 
One of the most notable price surges in the crypto market over the past 24 hours came from Espresso (ESP). Following listing announcements from South Korea’s leading crypto exchanges, Upbit and Bithumb, ESP’s price jumped more than 120%, drawing significant investor attention. After the listing news, both trading volume and market interest surged sharply, and ESP experienced high volatility within a short period. This development triggered intense activity not only in the spot market but also across futures and leveraged positions. Increased liquidity and new investor inflows played a decisive role in the token’s rapid vertical rally.
Upbit and Bithumb Listings Triggered a Demand Surge
The rally began after Upbit — one of South Korea’s largest cryptocurrency exchanges — announced it would list ESP. The news quickly spread among investors, sparking strong buying pressure. Shortly afterward, Bithumb also confirmed its ESP listing, further strengthening the token’s upward momentum. Support from these two major exchanges significantly boosted ESP’s accessibility, generating strong demand both in the South Korean market and globally. Following the listings, ESP’s 24-hour trading volume climbed to $374.46 million, allowing investors to open larger positions due to improved liquidity. Listings on major exchanges accelerate price discovery, while increased visibility and speculative interest contributed heavily to the rally’s intensity.
Strong On-Chain Data Was Already in Place
The rally was not driven solely by listing news. Even before the announcements, on-chain metrics had begun strengthening, and activity around the project was rising noticeably. The number of daily active addresses increased to 2,019, signaling genuine growth in network usage. This suggests the surge was not purely speculative but supported by real adoption and ecosystem engagement. Rising transaction counts and growing developer activity further reinforced investor confidence. These on-chain indicators show that interest in ESP goes beyond short-term trading and reflects early signs of ecosystem expansion. Combined with the listing news, this stronger fundamental backdrop provided a more solid foundation for the price surge.
Espresso Systems aims to provide decentralized shared sequencing infrastructure for Ethereum Layer 2 rollups. Instead of relying on a single centralized sequencer, rollups can operate more securely and in a decentralized manner. The ESP token plays a central role in staking and governance. Rollups pay for sequencing services in ESP, while validators lock tokens to secure the network. This creates a direct economic link between network usage and token demand — meaning that as rollup adoption increases, demand for ESP may rise accordingly.
Futures Volume Surged 687%: Short Squeeze Occurred
Another major driver of the rally came from the derivatives market. Futures trading volume surged 687%, reaching $1.98 billion, while open interest climbed 177% to $86.44 million. The long/short ratio stood at 1.0665, reflecting a slight bullish bias. Liquidation data pointed to a classic short squeeze scenario:
- $8.68 million in short positions were liquidated
- Only $1.39 million in long positions were liquidated
As the price rose, forced closures of short positions accelerated the rally further. On the 4-hour chart, ESP climbed from $0.0933 to a peak of $0.2200. After reaching this high, the price pulled back toward $0.1933, with some profit-taking observed.
Key Drivers Behind ESP’s 120% Surge
Three main factors fueled ESP’s sharp rise:
- Strong growth in on-chain activity
- Increased liquidity following Upbit and Bithumb listings
- A derivatives-driven short squeeze
The simultaneous activation of these factors resulted in a rapid vertical rally. Going forward, the key question is whether network usage and staking demand will remain sustainable. If rollup adoption expands and on-chain activity continues strengthening, interest in ESP could persist. However, if trading volume declines significantly after the listing hype fades, short-term speculative capital may exit, potentially leading to renewed volatility and price swings.
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