Safe Coin has seen a remarkable surge of around 88%, with a further 20% gain throughout the day. The token’s listing on Upbit, a prominent cryptocurrency exchange in South Korea, has sparked increased interest among traders, leading to a significant increase in its price.
Details of the Upbit Listing
As per the official announcement on October 24, Upbit, the South Korean exchange, has listed SAFE in KRW, BTC, and USDT trading pairs. However, it’s important to note that investments and withdrawals made through directed off-chain networks are not supported.
The sudden demand from Asia driving up the token price is not surprising. Many cryptocurrencies have experienced significant increases following their listings on Upbit, compared to other exchanges. In the case of SAFE, its daily trading volume has surged by an impressive 453%, suggesting that positive movements may continue for some time.
Expectations for Safe Coin
It is widely known that listings on cryptocurrency exchanges can accelerate the upward momentum of altcoin prices. For example, the price of Simon’s Cat (CAT) token on Binance saw a rise of nearly 40% following its futures listing. This situation indicates that SAFE Coin may also achieve further gains in the future.
The statistics for the SAFE token network also support this upward trend. According to Coinglass data, open positions in SAFE futures have reached $7.62 million, reflecting a significant increase of 500%. Additionally, derivative volume has climbed by 33% to $14.10 million. These figures indicate that the token is currently experiencing a strong upward trend.
The listing of SAFE Coin on Upbit has instilled confidence in investors and solidified the token’s position in the market. Market participants believe that the token may continue to appreciate in value in the near future.
The rapid price increase of SAFE Coin once again emphasizes the significant impact of listings on cryptocurrency markets. Investors are closely monitoring the ongoing upward trends of tokens following their listings on major exchanges.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is advisable to conduct thorough research before making any investment decisions.