South Korea’s major cryptocurrency exchanges have 39 coins trading below 1 won per unit, a level that would trigger delisting review in the stock market. However, industry observers note that in the digital asset market, per-unit price does not reflect an asset’s true economic value, requiring a different framework for investment decisions.

According to virtual asset industry data on the 28th, among coins listed on South Korea’s four largest exchanges—Upbit, Bithumb, Coinone, and DigitalX—39 coins were trading below 1 won as of 4:10 p.m. on the 24th, excluding duplicates.

By exchange, Bithumb and Coinone each had 26 such coins, while Upbit and DigitalX each supported trading in 8.

The reasons for falling below 1 won vary. Some coins…