00 PM local time, DeepBook Protocol’s DEEP token is now available for trading on Bithumb, South Korea’s leading cryptocurrency exchange. This means that traders in South Korea can now directly trade the DEEP token against the Korean Won. The base price of the token was set at 230 KRW upon listing.
On the Sui network only, DEEP tokens follow stringent compliance guidelines. Bithumb has made it clear that deposits originating from unsupported networks won’t be accepted. If tokens are transferred from incompatible platforms, users might have to go through a prolonged refund process.
As a researcher studying the financial markets, I’ve observed that Bithumb has taken significant steps to secure a level playing field for the launch of DEEP. For the first five minutes of trading, they’ve temporarily halted new buy orders in the primary market to maintain stability. Furthermore, sell orders are limited within a range of ±10% and ±100% of the base price, restricting excessive price fluctuations. Lastly, automated trading is only permitted once an initial trade has taken place, preventing potential manipulation during the initial trading phase. A Bithumb representative explained that these precautions aim to safeguard the market and deter any attempts at price manipulation during the launch period.
In 2024, I found myself aligning with Bithumb’s ambitious strategy by listing a host of tokens, a move that underscores their dedication towards broadening their collection of potentially promising cryptocurrencies.
The DeepBook Protocol is a finance platform operating within the Sui blockchain’s decentralized environment. Renowned for its unique decentralized central limit order book (CLOB) architecture, it strives to offer swift trading experiences with superior throughput and minimal latency. The platform’s native token, DEEP, is integral to the ecosystem, serving as a governance tool, incentive for liquidity providers, staking mechanism, and medium for transaction fees.
DeepBook Protocol (DEEP) Gains Momentum
As a researcher, I’ve noticed an impressive growth in the value of DEEP since its launch in October. The token has seen a staggering increase of more than five times, currently trading at $0.166. At this moment, it holds the 216th position by market capitalization with a substantial value of approximately $462 million.
Even though the overall crypto market experienced a downturn on Wednesday, DEEP has bucked the trend and increased by 2% over the past 24 hours. This surge is largely attributed to the anticipation surrounding its listing on Bithumb. The token’s trading volume also saw a significant boost, rising by 70% in the last 24 hours, reaching a staggering $96 million.
At present, DEEP is slightly below its resistance point of $0.1750, and it has a significant support at $0.1536. The token’s 50-day average line has climbed over the 200-day average line – a positive signal that is frequently interpreted as a potential buying opportunity.
Currently, the Relative Strength Index (RSI) for DEEP stands at 67 in its daily chart, indicating that it’s getting close to being overbought. Additionally, the upward slope on the RSI graph indicates a likelihood of further price increases for the token.
Experts believe that DEEP’s upward trend might continue temporarily. However, if it drops below the support level, the price could potentially decrease to around $0.10.
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2025-01-08 13:00