Stader (SD) defied the broader market slump, emerging as one of today’s top crypto gainers.
The token’s sharp rise came after Bithumb, one of South Korea’s leading exchanges, announced the altcoin’s official listing on its spot trading platform.
Bithumb Announces Stader (SD) Listing
For context, Stader is a multi-chain staking platform offering non-custodial and liquid staking solutions. It supports networks like Ethereum, Polygon, Hedera, and BNB Chain. The network’s native token, SD, powers governance, incentives, and ecosystem utility.
The altcoin is now set to enter the South Korean market. According to the official listing announcement, SD will be available to trade against the Korean Won (KRW). Trading is scheduled to begin at 6:00 PM Korean Standard Time (KST).
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Bithumb has set the reference price for SD at 918 KRW. The exchange added that deposits and withdrawals will open within two hours of the announcement and will only be supported on the Ethereum (ETH) network.
Furthermore, Bithumb has implemented several trading restrictions to ensure market stability during the launch period. Buy orders will be restricted for the first five minutes of trading.
During the same period, sell orders outside a -10% to +100% reference price range will be blocked. Additionally, only limit orders will be allowed for about two hours after trading begins.
“In accordance with the Travel Rule, deposits and withdrawals are only supported with virtual asset business operators (VASPs) that Bithumb supports. Deposits from exchanges not included in the list of supported external exchanges cannot be processed, and refunds may take a long time,” Bithumb added.
The exchange’s decision triggered a price rise for SD. The token surged from $0.67 to $1.12. This represented an appreciation of approximately 67.2%.
The coin shed some of its gains to trade at $0.91 at press time, up 42.8% since the announcement.
Furthermore, trading activity also increased. Data from CoinGecko showed that the daily trading volume reached $26 million, representing a 327.8% uptick. Notably, the market sentiment is quite positive towards SD, with 100% of the community leaning bullish.
This reaction mirrors patterns observed with other altcoins listed on Bithumb, suggesting SD may continue to attract heightened attention in the near term.
source: https://beincrypto.com