Safe (SAFE) Cryptocurrency Jumps from $0.94 to $1.81 Following New Listing on Upbit

SAFE is a blockchain project that offers a non-custodial smart contract wallet. It is compatible with EVM chains such as Base, Optimism, and Arabitrum.

After its recent listing on Upbit, Safe (SAFE) cryptocurrency experienced a surge in value, climbing from $0.94 to $1.81.

SAFE is a blockchain project that provides a non-custodial smart contract wallet, catering to individuals or entities seeking to create multi-signature wallets. The project aims to enhance EVM accounts through its smart contracts, with MetaMask, Ledger, and Trezor serving as signers for the SAFE wallet.

The project's goal is to make EVM accounts more versatile and secure, offering a crucial service in the rapidly expanding Web3 ecosystem.

SAFE holders witnessed a significant increase in their profits, with a +100% Return on Investment (ROI) for those who held the token prior to the listing news. However, the cryptocurrency was unable to sustain its initial gains.

Typically, when listed on major exchanges, most tokens experience a short-term spike in price. While some tokens may experience a sustained recovery, others struggle to maintain their gains.

The listing on Upbit, one of the largest cryptocurrency exchanges in South Korea, played a pivotal role in the surge in SAFE's price.

When a token is listed on a major centralized exchange (CEX), it becomes accessible to a vast network of traders.

CEXs handle a large portion of crypto trading volume compared to decentralized exchanges (DEXs).

Additionally, being listed on a CEX serves as a trust signal.

The top crypto exchanges thoroughly audit the token's smart contract and conduct background checks on the project owners.

As a result, being listed on a CEX is generally perceived as a positive indication that the cryptocurrency is legitimate.

It's important to note that not every listing on an exchange has a substantial impact on a cryptocurrency's price.

Currently, only listings on top-tier exchanges, such as Binance and Coinbase, may lead to a price surge for the token.

SAFE is already listed on Coinbase, which could explain the limited price increase following its listing on Upbit.

Moreover, Upbit's unique characteristics, such as only accepting Korean Won (KRW) as fiat currency and catering primarily to South Korean traders, may have influenced the impact of the listing on SAFE's price.

Despite these factors, the listing on Upbit still played a role in the surge in SAFE's price, contributing to a positive outcome for those who held the token prior to the listing news.