A relatively unknown cryptocurrency has captured attention in the crypto market over the past 24 hours, surging by more than double digits after support from two major exchanges. DeepBook (DEEP) is currently trading at $0.11 following a rapid increase of almost 22% within a single day. 📈
Binance Futures launched the DEEP/USDT perpetual contract with up to 50x leverage, while Upbit also listed the DEEP/KRW pair, both contributing to the altcoin’s significant price jump.
The rally was likely sparked by these listings. Binance Futures offers a perpetual contract where traders can bet on the asset without owning it outright. Meanwhile, Upbit, known for supporting altcoins, expanded its offering with the DEEP/KRW trading pair. This past pattern suggests that listing on major exchanges often leads to increased liquidity, improved visibility, and wider accessibility for cryptocurrencies.
This trend is not unprecedented. In February, Upbit saw a similar surge in price after introducing TRUMP/KRW, TRUMP/BTC, and TRUMP/USDT trading pairs.
Analysts believe these listings are instrumental in driving market engagement and bolstering the asset’s reputation.