This is a Korean exchange phenomena. Don't know why it is like that. You can take a look at IOTA. It trades aboue 6$ at Coinone, and the price is excluded from Coinmarketcap.com. I've heard that you need to be Korean to trade on those exchanges, which could be part of the explanation, limiting arbitrage some, but I've never heard of Koreans being denied at the other international exchanges, so why don't they just send their btc og eth to a international exchange, but their shittokens there and send it back to their "local" exchange? Unless Koreans are banned from all other exchanges, this phenomena is a big mystery.