Sei (sei) 
SAFE Token Surges 20% Following Bithumb Listing
The native token of Safe Wallet, SAFE, experienced a significant price increase of 20% after being listed on Bithumb, a major South Korea-based crypto exchange. This listing allowed for the creation of a SAFE/KRW trading pair, enabling direct trading between the SAFE token and the South Korean won.
Market Performance and Growth Potential
On January 10, the SAFE token reached a price of $1.10, marking a 20% surge from its monthly low of $0.924. The token’s market cap rose to nearly $600 million at the time of writing. Despite this recent rally, the altcoin still holds significant growth potential, considering its price remains 69% below its all-time high of $3.56 in April last year.
Trading Volume and Derivatives Demand
The altcoin’s rally occurred in a high-volume environment, with its daily trading volume surging by 429% to over $80 million. Additionally, open interest for SAFE in the futures market increased by 151% over the past day, reaching $19.5 million. This surge in derivatives demand contributed to the token’s price increase.
Potential Reversal and Short Squeeze
However, it’s essential to note that rallies following exchange listings often face a reversal as investors sell their holdings to secure profits. Data shows that over $5.96 million SAFE was sent to centralized exchanges on December 10, compared to the $5.65 million withdrawn. The weighted funding rate for SAFE was -0.6690% at press time, indicating that short sellers were dominating the market. This increases the possibility of a short squeeze if the price reverses upwards, potentially forcing short positions to close.
Current Market Status
At press time, the SAFE token had wiped most of its gains, falling 7% from its daily high, and was trading at $1.01 per coin.
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