In the wake of its listing on Upbit, Space ID (ID) has witnessed a remarkable surge of approximately 30% in its price. This notable upswing has prompted numerous wallet holders to withdraw their ID tokens from various exchanges, gearing up for deposits on Upbit.
One such wallet, identified as “0x2b51,” executed a substantial withdrawal of 1.55 million ID tokens, equivalent to $501,000, from both Binance and OKX, signaling its intent to deposit them onto Upbit.
Upward Trajectory Post-Listing
The announcement of Space ID’s listing on Upbit acted as a catalyst, propelling the token’s price by over 25% to reach $0.345. Concurrently, the trading volume for ID experienced a staggering surge, witnessing a remarkable 600% increase and reaching $195 million within the 24-hour period.
Despite a minor pullback at the time of writing, CoinMarketCap data indicates that ID was trading at $0.2943, reflecting an 11.8% increase over the last 24 hours.
Source: CoinStats – Start using it today
SPACE ID emerges as a multi-chain blockchain naming service catering to the burgeoning Web3 user base. Enabling users to register domain names with extensions such as .arb, .bnb, and .eth, SPACE ID presents a comprehensive Web3 identity solution. Users can seamlessly discover, register, trade, and manage their Web3 domain names through the platform.
It’s crucial to note that the recent surge in SPACE ID’s price might not be a long-term trend, as market conditions are subject to rapid changes.
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The cryptocurrency market is known for its volatility, and past instances have shown that significant price increases can be followed by sharp corrections. Investors should exercise caution and stay informed about the potential risks associated with market fluctuations.
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