The price of SAFE, the native token of the largest smart account ecosystem on Ethereum Virtual Machine (EVM), surged nearly 88% after South Korean crypto exchange Upbit announced its listing. This listing will allow trading in KRW, BTC, and USDT markets, leading to significant bullish momentum in the market.
Key Details of the Listing
On October 24, Upbit confirmed its plans to list SAFE, igniting a wave of optimism among investors. The exchange specified that deposits and withdrawals would be limited to verified personal wallet addresses, with buy orders restricted for approximately five minutes following the commencement of trading. Upbit also mentioned that large deposits from unknown sources might require verification of the source of funds.
Price Surge and Market Sentiment
Following the listing announcement, SAFE’s price experienced an impressive increase, trading at $1.75 at the time of writing, with an intraday low of $0.9199 and a high of $1.78. The announcement led to a staggering 453% increase in the asset’s intraday trading volume, demonstrating heightened investor interest and market activity.
On-chain data supports this bullish sentiment, with a remarkable 500% increase in SAFE futures open interest (OI) to $7.62 million and a 33% rise in derivatives volume to $14.10 million. These metrics indicate strong market engagement and a potential for further upward momentum.
Potential for Continued Growth
The recent price spike reflects a broader trend where listings on major exchanges often result in bullish movements for crypto assets. For instance, the price of Simon’s Cat (CAT) surged nearly 40% following its futures listing on Binance, later climbing to a total increase of 77%. This historical precedent suggests that SAFE may also continue to gain traction in the market.
Market participants are now speculating whether SAFE can sustain this bullish momentum in light of its recent exchange listing. With strong investor backing and significant trading activity, the prospects for further gains appear promising.
Conclusion
In summary, SAFE’s recent 88% price increase following its listing on Upbit illustrates the powerful impact that major exchange support can have on a cryptocurrency’s market performance. With a robust market response and positive on-chain data, SAFE may very well continue its upward trajectory in the coming days.
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