Despite the recent rally, the altcoin still holds significant growth potential, considering that SAFE’s price remains 69% below its all-time high of .56 in April last year.
The altcoin’s rally occurred in a high-volume environment. Its daily trading volume surged by 429%, climbing from million early Thursday morning to over million.
A SAFE/KRW trading pair will allow direct trading between the SAFE token and the South Korean won, making it more accessible to a wider audience, particularly in the South Korean market.
Safe (SAFE) rose to .10 on Jan. 10, marking a 20% surge from its monthly low of Additionally, the weighted funding rate for SAFE at press time was -0.6690%, which means short sellers were dominating the market, with more traders betting on its price to dip lower.
SAFE also rallied as a result of increased demand among its derivatives traders. According to CoinGlass, open interest for SAFE in the futures market surged by 151% over the past day, reaching .5 million, much higher than the .5 million recorded at the beginning of the year.
Typically, a listing on a premier South Korean exchange such as Upbit or Bithumb results in a strong rally in the related token. One such instance was reported earlier in October last year when SAFE secured a listing on Upbit, leading to a 72% surge in just one day.
SAFE, the native token of Safe Wallet, surged 20% as Bithumb listed the token on its platform.
SAFE rallied as Bithumb, a major South Korea-based crypto exchange, announced it would add a KRW trading pair for the SAFE token on Jan. 10, along with SONIC and AHT tokens.
At press time, SAFE had wiped most of its gains, falling 7% from its daily high, and was trading at .01 per coin.
Such levels also increase the possibility of a short squeeze if the price reverses upwards, potentially forcing short positions to close.
However, it’s important to note that rallies following exchange listings often face a reversal as investors sell their holdings to secure profits. Notably, data from CoinGlass shows that over .96 million SAFE was sent to centralized exchanges on Dec. 10, compared to the .65 million withdrawn.
