South Korean crypto exchange Upbit announced the listing of SAFE, the native cryptocurrency of the Web3 ownership layer Safe.
In a major announcement, South Korean crypto exchange Upbit announced that it would like the SAFE SAFE $0.43 24h volatility: 1.6% Market cap: $242.45 M Vol. 24h: $10.28 M crypto for trading against KRW, BTC, and USDT. SAFE is the native cryptocurrency of the Web3 ownership layer Safe. Soon following the listing, SAFE price skyrocketed by a massive 75% hitting a high of $1.81 before retracing partially back again.
On-chain data provider Spot on Chain has recently observed a major spike in the first-time accumulators of $SAFE. This happened as the Upbit listing led to over 75% gains in SAFE price. However, from the high of $1.8, the price has retraced since and is currently trading at around $1.38.
Furthermore, Spot on Chain reported that the top five first-time accumulators collectively purchased 1.356 million $SAFE tokens, worth approximately $2.24 million, from exchanges including OKX, Bybit, and Uniswap. These accumulators have already seen gains of $150,000 (+6.7%) within the same hour.
The number of first-time $SAFE accumulators is spiking as the price surged 73% in the past hour following #Upbit’s listing announcement!
Notably, the top 5 first-time accumulators have purchased 1.356M $SAFE ($2.24M) from OKX, Bybit, and Uniswap in just the past hour, now… pic.twitter.com/cHxtnrXTTn
— Spot On Chain (@spotonchain) October 24, 2024
Furthermore, the CoinGlass data also reveals a staggering 500% surge in SAFE futures open interest (OI), reaching $7.62 million. Also, the derivatives trading volume has shot up by 33% to $14.10 million. This data highlights the token’s upward momentum today, alongside significant activity in the derivatives market.
Following the listing of SAFE, crypto exchange Upbit noted: “Deposits and withdrawals through networks other than the guided network are not supported”. Additionally, deposits and withdrawals are permitted exclusively through personal wallet addresses that have undergone ‘ownership confirmation.’
More Details About Safe
Safe works as the ownership layer for Web3 with the goal of securing more than $100 billion in assets. It features Safe{Core}, a comprehensive stack of account abstraction infrastructure, along with the industry-standard multi-signature wallet, Safe{Wallet}.
The project seeks to transform every Ethereum account into a smart account while facilitating innovative use cases in gaming, AI, staking, SocialFi, DeFi, and payments using gasless transactions, easy face-ID logins, seamless onramps, recovery options, and more.
Currently, Safe supports a vast ecosystem of more than 200 projects including the likes of Gnosis Pay and Worldcoin. Furthermore, the Safe wallet has also received support from crypto industry leaders like Vitalik Buterin and Punk6529, as well as major Web2 companies like Shopify and Reddit, for the self-custody of assets and high-value NFTs.
It will be interesting to see how further the SAFE price rally continues from here.
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