SAFE, the native token of Safe Wallet, surged 20% as Bithumb listed the token on its platform.
On January 10th, SAFE experienced a significant increase, reaching $1.10. This represented a 20% jump from its lowest point in the month, which was $0.924. At the time of reporting, the market capitalization of SAFE was almost $600 million.
The surge in the altcoin’s value took place within a bustling market setting, as its daily trade volume significantly increased by an impressive 429%. Early on Thursday morning, it was trading at around $15 million, but by the end of the day, it exceeded $80 million.
Regardless of the current surge, there’s still a substantial opportunity for growth with this altcoin. This is because SAFE’s current price is 69% lower than its peak of $3.56 from last April.
On January 10th, news that Bithumb, a significant cryptocurrency exchange based in South Korea, plans to introduce a Korean Won (KRW) trading pair for the SAFE token, as well as SONIC and AHT tokens, caused an uptick in SAFE’s value.
Trading the SAFE token directly with South Korean Won (KRW) through a SAFE/KRW pair will make it easier for a larger number of people, especially those in the South Korean market, to participate in these transactions.
Generally speaking, getting listed on a top-tier South Korean exchange like Upbit or Bithumb tends to cause a significant increase in the related token’s price. For example, back in October of last year, SAFE saw its price skyrocket by 72% within a single day after securing a listing on Upbit.
The price of SAFE climbed due to heightened interest from its derivatives traders. Data from CoinGlass indicates that the open interest for SAFE in the futures market jumped by a substantial 151% within the last day, reaching an impressive $19.5 million, significantly higher than the $5.5 million at the start of the year.
Keep in mind that after being listed on an exchange, rallies for cryptocurrencies can experience a reversal because investors tend to sell their holdings to realize profits. Significantly, statistics from CoinGlass indicate that more than $5.96 million of SAFE was transferred to centralized exchanges on December 10, compared to the amount withdrawn, which was $5.65 million.
Furthermore, at the moment of reporting, the weighted funding rate for SAFE stood at -0.6690%. This implies that short sellers are leading the market, as more traders are wagering that the price will decrease further.
As a crypto investor, when I see such price levels, it makes me think that there’s an increased chance of a “short-squeeze” situation. If the price starts moving upward, it could compel those who have shorted (betting on the price decrease) to close their positions quickly, as they might face significant losses.
Currently, SAFE has erased much of its advance, experiencing a 7% drop from its peak, and is now being exchanged for $1.01 per token.
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2025-01-10 15:56