SAFE Price Jumps 75% Following Upbit Listing and Huge Accumulation

by

As a seasoned researcher who has navigated through numerous crypto market trends and cycles, I find the recent surge of SAFE on Upbit intriguing. The 75% price increase within an hour following the listing announcement is reminiscent of the crypto wild west days, albeit with a more mature and established market now.

In an exciting development, South Korean crypto exchange Upbit has declared its intention to add the cryptocurrency SAFE to its platform for trading against KRW, BTC, and USDT. The native digital currency of the Safe Web3 ownership layer, SAFE saw a significant surge in value following this announcement, reaching a peak of $1.81 after a 75% increase. However, it later experienced a partial pullback. At the time of this statement, SAFE’s price was $1.38, with a 24-hour volatility of 39.8%, a market cap of $673.28 million, and a 24-hour trading volume of $73.54 million.

As an analyst, I’ve noticed a significant increase in new holders of $SAFE tokens, which can be attributed to the recent listing on Upbit. This event triggered over 75% growth in the SAFE price, peaking at approximately $1.8. However, since then, we’ve seen a pullback from those highs, with the current trading price hovering around $1.38.

To add to that, Spot on Chain disclosed that the top five initial buyers amassed a total of 1.356 million $SAFE tokens valued at approximately $2.24 million from trading platforms such as OKX, Bybit, and Uniswap. These newcomers have already experienced a profit of around $150,000 (+6.7%) within the same hour.

There’s a significant increase in the number of new users investing in $SAFE, as its price jumped by 73% within the last hour after being listed on Upbit!

In the last hour, it’s worth noting that the leading new investors have bought a total of $1,356,000 worth of $SAFE (approximately $2.24 million) from OKX, Bybit, and Uniswap. At this moment…

— Spot On Chain (@spotonchain) October 24, 2024

As an analyst, I’ve delved into the CoinGlass data and uncovered some intriguing trends. Specifically, I’ve noticed a jaw-dropping 500% increase in open interest (OI) for SAFE futures, which now stands at a substantial $7.62 million. Additionally, derivatives trading volume has experienced a 33% boost, reaching $14.10 million. These figures underscore the token’s robust growth today and suggest vigorous activity in the derivatives market.

According to Upbit’s recent announcement following SAFE listing, they do not support deposits or withdrawals via networks other than their designated one. Furthermore, transactions can only be made using personal wallet addresses that have been confirmed as owned by the user.

More Details About Safe

Safe functions as the protective foundation for Web3, aiming to secure over $100 billion worth of assets. It offers Safe{Core}, an extensive collection of account abstraction foundations, plus the well-regarded multi-signature wallet, Safe{Wallet}.

The goal of the project is to upgrade each Ethereum account into a versatile smart account, enabling cutting-edge applications in areas like gaming, AI, staking, SocialFi, DeFi, and payments. This transformation will be achieved through gasless transactions, user-friendly face recognition logins, hassle-free onramps, recovery solutions, and many more advanced features.

At present, Safe boasts an extensive network of over 200 projects, with notable names such as Gnosis Pay and Worldcoin among them. Notably, this platform has also garnered endorsements from influential figures in the crypto sphere like Vitalik Buterin and Punk6529, along with prominent Web2 companies such as Shopify and Reddit, for its self-custody of assets and premium NFTs.

It will be interesting to see how further the SAFE price rally continues from here.

Read More

2024-10-24 15:57