Bithumb Exchange Lists DeepBook Protocol (DEEP) Token, Hosts Airdrop Event

Cryptocurrency exchange Bithumb will list DeepBook Protocol (DEEP), the utility token of the Sui-based liquidity layer.

South Korean cryptocurrency exchange Bithumb has announced the listing of DeepBook Protocol (DEEP) token, the utility asset of the Sui-based liquidity layer. The token will be available for trading on the KRW market starting at 3:00 PM on January 8, 2025.

This development is significant for both the exchange and the DEEP community, as the listing will provide a new avenue for trading and investment. Additionally, Bithumb will be hosting an airdrop event to boost trading activity.

DEEP Token Utility and Trading Details

The DEEP token serves multiple purposes within the DeepBook ecosystem, a decentralized platform that leverages a Central Limit Order Book (CLOB) design. This architecture enables users to trade assets at their desired prices without compromising on decentralization.

Primarily, DEEP is utilized for staking, governance, and payment of service fees, adding to its utility and appeal. This new listing will allow Bithumb users to trade DEEP specifically within the South Korean won (KRW) market.

In terms of trading guidelines, Bithumb has implemented specific measures for DEEP. Initially, the exchange will restrict buying orders for five minutes after trading begins. It will also impose a five-minute restriction on selling orders if the price changes by more than 10% below or 100% above the standard price.

These restrictions are intended to ensure a smooth launch and prevent market manipulation. Furthermore, Bithumb will only support deposits and withdrawals through approved exchanges to comply with regulations such as the Travel Rule.

For investors engaging in the DEEP market, there will be an airdrop event. Those who trade DEEP for two consecutive days will be eligible to receive additional tokens. This initiative aims to drive liquidity and encourage user engagement, showcasing Bithumb's dedication to fostering a vibrant trading community.

DEEP Price Performance and Market Activity

Examining the token's current market performance, DEEP has witnessed notable activity. The price has increased by 2.04% in the last 24 hours, currently trading at $0.1656. The trading volume has surged by over 70%, indicating rising interest in the asset.

While the price has fluctuated between $0.160 and $0.175, it appears to be consolidating near the key resistance level of $0.170. With strong buying pressure evident in its recent performance, DEEP might continue its upward momentum.

Technical Indicators and Future Outlook

In terms of technical analysis, DEEP shows some promising signals. The Relative Strength Index (RSI) is currently at 67.01, indicating strong bullish momentum but nearing the overbought zone. Similarly, the Moving Average Convergence Divergence (MACD) shows an upward trend, further confirming the bullish sentiment.

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