Bithumb, one of the leading cryptocurrency exchanges based in South Korea, has recently added two new tokens to its platform, Raydium (RAY) and Ponke (PONKE), both of which operate on the Solana (SOL) blockchain. The tokens were made available for trading in the Korean Won (KRW) market on November 19th at 5 PM KST. Raydium debuted at an initial price of $5.63 USD (7,855 KRW), while Ponke was listed at $0.71 USD (992 KRW).
To ensure smooth trading, Bithumb has implemented certain rules such as requiring users to make 20 deposit confirmations for transactions involving the new tokens. Additionally, buy orders for the tokens will be disabled for the first 5 minutes, while sell orders during this time will be limited to a price range of -10% to +100% of the initial listing price. Automated trading will only be permitted after the first trade is completed. Deposits and withdrawals will only be supported through service providers that comply with the travel rule, and users are advised to verify the correct network and address before conducting transactions.
Given the high-risk nature of cryptocurrencies, Bithumb urges investors to conduct thorough research before engaging in trading, especially with newly listed tokens that may exhibit significant volatility. Despite the risks, both Raydium and Ponke have shown impressive growth recently. Raydium, an Automated Market Maker (AMM) and liquidity provider on the Solana blockchain, experienced a 280% price increase between October 10th and November 9th, accompanied by a substantial rise in platform fees. Ponke, on the other hand, saw a 61% increase in value in just one week, reaching $0.7971 with a market capitalization of approximately $444.89 million.
The surge in Ponke’s price can be attributed to its relatively small circulating supply of 555.54 million tokens, as well as the increasing adoption following its listing on Bithumb. The strong interest from investors is evident in the token’s 24-hour trading volume of over $144 million. Overall, the addition of Raydium and Ponke to the Bithumb platform has signaled bullish momentum for both tokens, reflecting the growing popularity and potential of the Solana ecosystem in the cryptocurrency market.