SAFE Price Blows Up 88% On Major Listing, More Gains Ahead?

Safe, the largest smart account ecosystem on EVM, nabbed substantial investor attention across the crypto industry on Thursday as its native coin’s SAFE price rocketed nearly 88%. The leading S. Korean crypto exchange Upbit listed the token, prompting market reactions from traders and investors. Meanwhile, crypto market participants speculate whether the coin could sustain a bullish movement ahead in light of its recent listing.

SAFE Secures Major Exchange Backing Sparking Optimism Over Price

As per an official Upbit announcement dated October 24, the S. Korean crypto exchange is listing SAFE in KRW, BTC, and USDT trading pairs today.

“Deposits and withdrawals through networks other than the guided network are not supported,” the exchange added. Buy orders are restricted for roughly five minutes after the trading support commences.

Further, deposits and withdrawals are allowed only via personal wallet addresses where the ‘confirmation of ownership’ has been done. However, Upbit notified users that when depositing large sums of digital assets from unknown sources, a call for the source of funds may be requested.

Coin Price Shoots Up 88%

Nevertheless, the announcement by one of the leading crypto exchanges has promptly fueled a positive impact on SAFE price. The coin currently reflects immensely bullish market sentiments, with on-chain stats also mirroring an uptrend.

At press time, SAFE price surged by a staggering 88% from its 24-hour low and is trading at $1.75. The crypto’s intraday low and high were recorded as $0.9199 and $1.78, respectively. Even traders reacted positively to the Upbit listing, as seen by a whopping 453% surge in the asset’s intraday trading volume.

Further, Coingass data indicated a remarkable 500% surge in SAFE futures OI to $7.62 million. Moreover, the derivatives volume upsurged 33% to $14.10 million. The data underscores an uptrend for the token today, coupled with its phenomenal activity in derivatives market.

Simultaneously, it’s noteworthy that leading crypto exchanges’ listings fuel a bullish momentum for an asset’s price. CoinGape media reported Simon’s Cat (CAT) price to have shot up nearly 40% with its futures listing on Binance recently. Notably, the cat-themed token extended gains to nearly 77% to date after the perpetual listing. This chronicle has further hinted that SAFE price could see further gains ahead.

Additionally, a recent X post by the tracker Spot on Chain revealed that first-time accumulators for SAFE also spiked remarkably following Upbit’s listing announcement. The top 5 first-time accumulators purchased 1.356 million coins, worth $2.24 million, from OKX, Bybit, and Uniswap lately. This data, underscoring buying pressure for the asset, adds to optimism surrounding the coin’s future price movements.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.