Raydium (RAY) and Ponke (PONKE) have experienced significant price surges following their listing on Bithumb, one of South Korea’s largest cryptocurrency exchanges. Raydium, a Solana-based automated market maker (AMM) protocol, saw its price jump by 10%, while Ponke, a meme coin also on the Solana network, surged 20%.
The official listing of RAY and PONKE on November 19 was a major event for both tokens, with Bithumb adding them to its KRW trading pairs. The announcement triggered immediate excitement among traders, boosting interest and volume for both assets.
Bithumb’s decision to add Raydium and Ponke reflects its ongoing efforts to expand its market offerings. The exchange allows users to deposit and withdraw these tokens within three hours of the announcement, with full trading for both pairs set to begin at 5:00 PM KST on November 19.
To ensure secure and controlled trading, Bithumb implemented specific restrictions for the initial trading period. During the first five minutes, buying orders were paused, and selling orders were limited to a range of -10% to +100% of the base price. After this period, automatic orders would be activated, ensuring a smooth transition into full market activity.
Price Movements and Trading Data
Following the listing, Raydium’s price climbed to $5.90, marking a 10% increase. The price of RAY fluctuated between $5.52 and $6.14 over the past 24 hours, with trading volume reaching $173 million and a market capitalization of $1.73 billion.
Ponke, which is now trading at $0.80, also saw a strong 20% price jump. The token’s 24-hour range was $0.68 to $0.84, with trading volume reaching $115 million and a market cap of $456 million. The surge in demand for both Solana-based tokens underscores the growing interest in these assets following their exposure to Bithumb’s large user base.
Listings on major exchanges like Bithumb often drive price increases by providing enhanced access and visibility to a broader range of traders. The success of this listing mirrors previous examples, such as BAN’s 80% surge after its listing on Binance Futures, highlighting the critical role exchange support plays in the growth of crypto assets.
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