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Safe price has skyrocketed in the past 24 hours as the community cheers support for the decentralised custody protocol’s SAFE token.

On October 25, the crypto exchange Binance announced its plans to add SAFEUSDT perpetual contract on its platform.

The contract is set to go live on Friday, October 25, 2024 at 12:30 UTC, offering traders access to up to 75x leverage.

Binance listing has often provided a market boost for tokens, with increased visibility and traction key.

Similarly, as happened with REEF token recently, delistings can add to negative sentiment.

Safe (formerly Gnosis Safe) is a smart contracts protocol that allows users to manage digital assets via a multi-sig wallet architecture.

The protocol was part of Gnosis (GNO), an Ethereum infrastructure builder.

However, a governance vote in April 2022 saw Gnosis Safe spin off.

The project’s governance token SAFE traded to highs of $3.56 in April this year, rallying alongside the broader market to an all-time high.

A downtrend pushed the altcoin’s price lower until bulls hit lows of$0.64 in early August amid the crypto market crash that also decimated Bitcoin bulls.

SAFE traded ranged for much of the last two months.

However, a breakout this week helped buyers pierce the psychological $1 level.

Notably, SAFE/USD has surged more than 75% in the past week, partly driven by positive news across the ecosystem.

It breached $1.75 on Friday and the current price level is the highest since June 2024.

According to data from CoinGecko, SAFE price hovered near $1.65 as of 8 am ET on October 25 – up more than 109% in the past 30 days.

Elsewhere, trader confidence in SAFE is observable via the futures open interest metric. Coinglass data shows Safe open interest has increased more than 12% in the past 24 hours to over $19 million.

That’s the highest it’s ever been.

Notably, OI in this altcoin was only $885k early October 24.

While Binance has yet to add spot trading for SAFE, the announcement of a perpetual contract has ignited fresh buying interest.

The protocol’s total value locked has skyrocketed amid new adoption.

In a recent post on X, the Safe team pointed out to the project’s TVL as much higher than that of some of the top centralised exchanges in the market. 

@safe is much bigger than you think Safe’s TVL is more than 5x the TVL of Robinhood’s CEX.

As of October 2, for instance, trading app Robinhood had a TVL of $13 billion and OKX $18 billion.

Comparatively, Safe’s TVL stood around $69 billion. Binance, the world’s largest crypto exchange, had a TVL of $110 billion.

Safe plans to bridge on-chain to off-chain liquidity.

Growth metrics plus broader market dynamics could combine to offer upside boost for SAFE price.

Analyst predictions for cryptocurrencies also suggest SAFE could ride tailwinds to target its all-time high.

The post SAFE token jumps 16% as Binance lists perpetual contract appeared first on Invezz

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