SAFE Token Surges 20% Following Bithumb Listing
SAFE, the native token of Safe Wallet, experienced a 20% price increase after being listed on Bithumb, a major South Korean cryptocurrency exchange. The listing introduced a trading pair with the South Korean won (KRW), boosting the token’s accessibility in a significant market. Following the listing, the trading volume of SAFE surged by 429%, highlighting intense market interest. Despite the rally, SAFE’s price remains 69% below its all-time high of $3.56. The futures market also saw increased demand, with a 151% rise in open interest. However, the press-time funding rate indicated a bearish sentiment with many short sellers. Prices have corrected slightly, dropping 7% from the daily high. This event echoes a previous sharp price increase when SAFE was listed on another major exchange, Upbit. While the rally signals immediate market attention, such surges are often followed by profit-taking, indicating a potential price retracement.
Bullish
The listing of SAFE on Bithumb has led to a notable price increase and a surge in trading volume, suggesting bullish sentiment in the short term. Historically, listings on major exchanges tend to spark price rallies as it increases a token’s accessibility and visibility. However, the high funding rates and subsequent price correction suggest that a temporary pullback may occur as investors realize gains. Overall, the increased attention and liquidity from such listings can lead to sustained interest in the token.