As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the latest developments at Bithumb, a leading exchange in South Korea. The addition of Raydium (RAY) and Ponke (PONKE) to their platform is an exciting move that underscores the growing influence of Solana-based tokens.
In simple terms, it’s been shared that Bithumb, a well-known digital currency trading platform situated in South Korea, has decided to include two fresh tokens, Raydium (RAY) and Ponke (PONKE), in their service offerings.
Starting November 19th, at 5 PM Korea Standard Time, two tokens that operate on the Solana network can now be traded using the South Korean Won (KRW).
Raydium started trading at $5.63 USD (7,855 KRW), compared to Ponke’s opening price of $0.71 USD (992 KRW). Bithumb requires users to confirm 20 deposits for token transactions. To ensure seamless trading, certain rules will be implemented: buy orders will be temporarily disabled for the first 5 minutes, and during this period, sell orders can only be placed within a range of -10% below to +100% above the initial listing price.
In addition, automated trading can only take place following the completion of an initial trade. Bithumb will accept deposits and withdrawals exclusively through providers who adhere to the travel rule, encouraging users to double-check the network and address prior to transactions. Since cryptocurrencies are regarded as high-risk assets, it is strongly recommended that investors carry out comprehensive research before participating in trading. This is especially important when dealing with newly listed tokens, as they may display significant volatility.
Raydium Surges
Raydium and Ponke have been shining stars recently, despite being part of distinct environments. Their successes have stemmed from varying elements that propelled their advancement.
On the Solana blockchain, Raydium, a market-making automaton and liquidity provider, experienced a significant price surge of approximately 280% from October 10th to November 9th. This growth was accompanied by a substantial rise in platform fees, which escalated from $300,000 in September to more than $10.73 million around mid-November. This increase in income can mainly be attributed to the growing popularity of meme coins within the Solana Network, resulting in higher transaction volumes and subsequent fees.
Ponke Shoots Up
Meanwhile, it’s worth noting that Ponke, a comparatively recent addition, has experienced significant expansion, surging by approximately 61% in value within a single week and reaching $0.7971. This growth has also boosted its market capitalization to around $444.89 million, marking a 10% increase. Furthermore, the token saw a trading volume of over $144 million in the last 24 hours, signifying robust investor interest. The escalation in Ponke’s value might be attributed to its relatively limited circulating supply of 555.54 million tokens. The rapid growth of Ponke suggests a strong upward trend, likely fueled by the token’s listing on the Bithumb exchange, which could be contributing to its increased adoption.
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2024-11-19 12:34