Space ID (SID), the multi-chain name service building a universal identity platform, has seen its token price surge over 80% in the last 24 hours. According to data from CoinMarketCap, ID is currently trading at $0.5059, up significantly from $0.2764 just a day ago.
Additionally, Space ID’s trading volume over the same period has absolutely exploded, increasing by a massive 2,000% to $200 million.
This enormous spike in volume shows traders are flooding into ID, likely causing its dramatic price rise. The market cap of ID currently stands at $239 million, up by over 80% in the last 24 hours.
Source: CoinStats – Start using it today
Space ID is now ranked among the top gainers on Binance as interest in the project reaches fever pitch. But why exactly is the decentralized domain and identity network seeing such monumental momentum?
What’s causing the sudden surge in ID price?
Upbit announced they would be listing ID. Blockchain analytics firm Spot On Chain identified that the price surged following the announcement.
According to Spot On Chain, around the same time ID began surging, large transaction flows of the token were spotted moving between exchanges OKX, Binance, and Upbit.
Specifically, blockchain detective work revealed that DWF Labs withdrew 3.62 million ID worth $1.73 million from OKX across three hours. Soon after, 2.45 million ID totaling $1.12 million were quickly deposited with Binance via custody service Amber Group.
Spot On Chain points out that DWF Labs has previously been linked to aggressive pumping of other low-market-cap coins across Upbit and OKX.
Another key driver seems to be Space ID’s recent move to support .sol domains and integrate a Web3 domain software development kit (SDK). As a major player in Web3 naming services, Space ID linking up with the booming Solana ecosystem represents a big win.
The Web3 domain SDK additionally makes Space ID more accessible and usable for developers building across various blockchains. By fostering wider compatibility with top-level domains, Space ID is positioning itself as an integral identity layer for an increasingly decentralized internet.
From a technical standpoint, the huge uptrend is reflected by Space ID’s daily Relative Strength Index (RSI) hitting 80. An RSI above 70 is considered overbought territory, indicating the asset’s dramatic price increase may be overextended in the short-term.
However, with strong fundamentals driving adoption and SPACE ID cementing itself as a leading Web3 identity solution, there could be more upside ahead if the bullish momentum continues. Traders will be keeping an eye on whether Space ID can sustain its parabolic uptrend as technical indicators flash warning signs of being extremely overheated.
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