Remember the frenzy when a new cryptocurrency hit a major exchange like Upbit? The once-reliable Upbit listing effect was a phenomenon where tokens frequently saw significant price surges upon being listed. This surge, often offering quick profits for investors, became a key factor in driving crypto markets. However, this phenomenon is losing its edge. With new listings becoming increasingly frequent and competitive, the impact of the traditional Upbit effect has diminished significantly. analyses reveal that the frequency of new tokens listed on Upbit has risen dramatically, which has diluted capital and investor attention, making sustained price hikes less predictable.