South Korea’s Bithumb Launches DEEP Token Trading on Sui Network

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On January 8, 2025, Bithumb, a prominent South Korean cryptocurrency exchange, will make the DeepBook Protocol token (DEEP) available for trading against the Korean Won (KRW). In simpler terms, starting from that date, you’ll be able to buy and sell DEEP tokens using the Korean currency on this specific exchange.

As a researcher, I’m excited to share that our token trading will kick off at 3:00 PM, with an initial price set at 230 KRW. This means users can now engage in direct trades of our token using the national currency, providing them with an opportunity to participate in our market.

Bithumb Launches DEEP Token Trading on Sui Network

Based on Bithumb’s announcement, the DEEP token can function exclusively on the Sui network, and deposits from other networks are not supported. Deposits and withdrawals became available immediately following the official timeframe announcement, which was two hours later. As per Bithumb, it typically takes approximately 20 network confirmations for deposited tokens to appear in users’ accounts.

During the initial launch phase, specific precautions have been established to ensure a fair and secure trading environment. Initially, no new buy orders are accepted for the first five minutes of each trading session. Sell orders, on the other hand, can only be placed within a range of 10% below or above, and equal to, the base price during this timeframe. Moreover, automated trading will not be enabled until after the first trade has taken place.

A representative stated during an interview that these actions have been taken to safeguard the market from manipulation of prices during the opening phase of trading for DEEP, which has recently been listed following Bithumb’s addition of tokens such as PEAQ and Vana to its Korean Won (KRW) market.

Deposit and Withdrawal Guidelines

According to the Travel Rule, Bithumb requires that all transactions (deposits and withdrawals) be processed solely through approved exchange platforms. Any tokens coming from unsupported platforms will not be added to user accounts and the refund procedure might take multiple months.

Before moving their DEEP tokens, users are advised to verify both the deposit address and the network they’re using. Additionally, it is important to note that transactions conducted on restricted exchanges could lead to limitations on your account in line with the exchange’s terms of service.

To ensure a smooth transaction, kindly double-check that the cryptocurrency you’re transferring is from the same network and its destination address matches your Bithumb account address during deposits and withdrawals.

DEEP Token Performance and Technical Analysis

At the moment, DeepBook Protocol’s (DEEP) value stands at $0.1741, accompanied by a 24-hour trading volume of approximately $56.1 million. In recent analysis, a potentially bearish rising wedge pattern has emerged on the DEEPUSD 3-hour chart. As the price moves closer to the resistance level of $0.1750, it’s essential to note that support can be found at the $0.1536 (representing the 50 MA) and $0.1174 (indicating the 200 MA).

In the DEEP price graph, at present, the short-term moving average (50MA) sits higher than the long-term moving average (200MA). Typically, this situation is interpreted as a ‘buy signal’, implying that the token has been on an upward trend in the short term.

It appears that the pace of increase might be decelerating as the price approaches the upper limit of this wedge-like pattern. If the price drops from here, financial analysts predict it could continue to fall towards $0.10. However, if the price breaks through the $0.1750 resistance level and moves upwards, there may be a shift in the trend pointing upwards.

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2025-01-08 07:23