Espresso (ESP) token: Why did it surge 80%? Can It 10x?

The “Kimchi Premium” Effect: Why ESP is Exploding

The catalyst behind this massive movement is clearly identified: Espresso’s simultaneous arrival on South Korean exchanges Upbit and Bithumb. In the crypto universe, a listing on these major exchanges often acts as a detonator, triggering what’s called the “Kimchi Premium”. Korean traders, known for their aggressive buying behavior, have injected phenomenal liquidity into the market.

The numbers are staggering. According to CoinGlass data, trading volume has shattered records to reach $881 million. This level of activity is not insignificant: it far exceeds the project’s current market capitalization, signaling violent capital rotation and intense speculation. Open Interest (open contracts) has also climbed to $56.03 million, confirming that traders are using high leverage to bet on the continuation of the rally.

Technical Analysis: In “Price Discovery” Mode

Technically, Espresso has entered a price discovery phase. By breaking through its previous highs, the token no longer has major historical resistance to slow its immediate ascent. The current price oscillates in a volatile zone between $0.167 and $0.174, with buyers seeking to defend every dip.

However, key levels are beginning to emerge thanks to recent data:

• Critical Support: The $0.15 zone (near the 24h VWAP) must absolutely hold to maintain the bullish structure. A break below could precipitate a correction toward the 1-hour order block at $0.10. However, a break of this level followed by a quick recovery above $0.15 would indicate potential long liquidation before seeking higher highs.
• Resistance / Target: The recent peak around $0.22 constitutes the bulls’ next target. If this barrier breaks, the path to $0.3 opens up.

The CVD indicates potential short-term overselling. However, caution is warranted as this also indicates that traders are beginning to take their profits.

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Can Espresso Really Target a Billion-Dollar Valuation?

The narrative around Espresso — a shared sequencing layer for Ethereum Rollups — is fundamentally appealing, but speculation is driving the dance today. With trading volume approaching one billion, some observers believe that a billion-dollar valuation (FDV) is no longer a mirage, although this still requires a significant multiplier from the current price. Espresso is currently valued at $80 million, which could offer a 10x explosion if this prediction materializes.

The market remains on alert, however. While the massive influx of Korean capital is a powerful bullish signal, it often comes with extreme volatility. Traders will need to closely monitor volume maintenance: a brutal drop in activity could signal the end of the honeymoon and a dump as rapid as the rise. So, will ESP manage to convert the try and establish itself durably above $0.20 in the coming days?

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