South Korea’s Bithumb Adds DEEP Token With Trading Incentives

Cryptocurrency exchange Bithumb will list DeepBook Protocol (DEEP), the utility token 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 is important for both the exchange and the DEEP community as the listing offers a new avenue for trading and investment. Bithumb is also hosting an airdrop event to boost trading activity.

DEEP Token Utility

The DEEP token serves multiple purposes within the DeepBook ecosystem, a decentralized platform leveraging a Central Limit Order Book (CLOB). This design lets users trade assets at desired prices without sacrificing decentralization.

DEEP is primarily used for staking, governance, and payment of service fees, which adds to its utility and appeal. This new listing means Bithumb users can now trade DEEP using the South Korean won (KRW) market.

Trading Guidelines and Airdrop Event

In addition to the listing, Bithumb has set specific guidelines for trading DEEP. Initially, the exchange will restrict buying orders for five minutes after trading begins. It will also restrict selling orders for five minutes if the price changes by more than 10% below or 100% above the standard price.

Read also : Bithumb Exchange Faces Korean Won Withdrawal Delays, Users Unfazed

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

For investors looking to participate in the DEEP market, there is an airdrop event. Those who trade DEEP for two consecutive days can receive additional tokens. This should drive liquidity and encourage user engagement. The event shows Bithumb’s commitment to building a vibrant trading community.

DEEP Price Performance and Market Activity

As for the token’s current market performance, DEEP has shown 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.