Key Points
- Safe Wallet’s native token, SAFE, experienced a 20% surge following its listing on Bithumb.
- The listing provided a KRW trading pair, increasing its accessibility to the South Korean market.
SAFE, the native token of Safe Wallet, experienced a 20% increase in value after being listed on Bithumb.
On January 10, SAFE’s price rose to $1.10, marking a significant increase from its monthly low of $0.924.
High-volume Trading and Market Cap
The token’s rally was accompanied by a high-volume trading environment, with daily trading volume increasing by 429%.
From $15 million early Thursday morning, it climbed to over $80 million.
Even with the recent rally, SAFE still has significant growth potential.
Its price is still 69% below its all-time high of $3.56 in April of the previous year.
Listing on Bithumb and Trading Pair
The surge in SAFE’s value was prompted by Bithumb, a major South Korea-based crypto exchange, announcing it would add a KRW trading pair for the SAFE token on January 10.
This trading pair allows direct trading between the SAFE token and the South Korean won, making it more accessible to a wider audience, especially in the South Korean market.
The listing of a token on a premier South Korean exchange like Upbit or Bithumb typically results in a strong rally for the related token.
For example, when SAFE secured a listing on Upbit in October last year, it led to a 72% surge in just one day.
Increased demand among derivatives traders also contributed to SAFE’s rally.
Open interest for SAFE in the futures market surged by 151% over the past day, reaching $19.5 million.
However, it’s worth noting that rallies following exchange listings often face a reversal as investors sell their holdings to secure profits.
Data shows that over $5.96 million SAFE was sent to centralized exchanges on Dec. 10, compared to the $5.65 million withdrawn.
At press time, SAFE had lost most of its gains, falling 7% from its daily high, and was trading at $1.01 per coin.