Bithumb Lists Raydium (RAY) and Ponke (PONKE) Tokens for Trading in the Korean Won (KRW) Market

Bithumb, a top cryptocurrency exchange based in South Korea, has announced the addition of two new token listings, Raydium (RAY) and Ponke (PONKE)

Top South Korean cryptocurrency exchange Bithumb has announced the addition of two new tokens, Raydium (RAY) and Ponke (PONKE), to its platform.

Both tokens, which operate 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).

To ensure a smooth trading experience, several asset-specific rules will be in place. For the first 5 minutes of trading, only sell orders will be permitted within a price range of -10% to +100 percent of the initial listing price. Buy orders will be disabled during this time.

Additionally, automated trading will only be allowed after the first trade is completed. Deposits and withdrawals will be supported through service providers that comply with the travel rule.

As always, users are urged to verify the correct network and address before completing any transactions. Due to the high-risk nature of cryptocurrencies, investors are advised to conduct thorough research before engaging in any trades, especially considering the potential for substantial volatility in newly listed tokens.

Raydium and Ponke have both performed remarkably well as of late, despite existing in different ecosystems and having varying factors driving their growth.

Raydium, an Automated Market Maker (AMM) and liquidity provider on the Solana blockchain, experienced an impressive 280 percent price increase between Oct. 10 and Nov. 9. This rise was accompanied by a significant uptick in platform fees, which jumped from $300,000 in September to over $10.73 million by mid-November.

The increase in revenue can be largely attributed to the growing popularity of meme coins within the Solana Network, which led to higher transaction volumes and fees.

Meanwhile, Ponke, which is relatively new, has also seen impressive growth, gaining over 61 percent in value within a week to hit $0.7971. The token’s market capitalization now stands at 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 is likely to be further fueled by its listing on the Bithumb exchange.