Bithumb, a top cryptocurrency exchange based in South Korea, has announced the addition of two new token listings, Raydium (RAY) and Ponke (PONKE), for its platform.
Both tokens, which run on the Solana (SOL) chain, became available for trading in the Korean Won (KRW) market starting on Nov. 19, at 5 PM KST.
Raydium was listed at an initial price of $5.63 USD (7,855 KRW), while Ponke’s price was listed at $0.71 USD (992 KRW). Bithumb has made it mandatory for users to make 20 deposit confirmations for transactions for the tokens. To facilitate smooth trading, asset-specific rules like buy orders will be disabled for the first 5 minutes while sell orders during this time will be limited to a price range of -10% to +100 percent of the initial listing price.
Moreover, automated trading will only be allowed after the first trade is completed. Bithumb will only support deposits and withdrawals through service providers that comply with the travel rule, urging users to verify the correct network and address before meeting transactions. Given that cryptocurrencies are considered high-risk assets, the crypto exchange advises investors to conduct thorough research before entering into trading, particularly since newly listed tokens may exhibit substantial volatility.
Raydium Surges
Raydium and Ponke have both performed exceptionally well lately, even though they exist in different ecosystems and have had different factors driving their growth.
Raydium, which is an Automated Market Maker (AMM) and liquidity provider on the Solana blockchain, saw an impressive price increase of 280 percent between Oct. 10 and Nov. 9. The rise was accompanied by a notable uptick in platform fees, which jumped from $300,000 in Sept to over $10.73 million by the middle of Nov. This increase in revenue was primarily due to the increasing popularity of meme coins in the Solana Network, which led to higher transaction volumes and fees.
Ponke Shoots Up
On the other hand, Ponke, which is relatively new, has also seen impressive growth gaining over 61 percent in value in just a week to hit $0.7971. The token’s market capitalization is approximately $444.89 million, up by 10%, and it had a 24-hour trading volume of more than $144 million indicating the strong interest from investors. The rise in the token’s price could also be indebted to the token’s relatively small circulating supply of 555.54 million. The growth of Ponke reflects the strong momentum, likely driven by the increasing adoption due to the listing on the Bithumb exchange.
Read the full article here