RedStone (RED), an emerging player in the decentralized finance space, has seen its token value surge by 55% following the announcement of its trading support on Upbit, South Korea’s largest cryptocurrency exchange. The price hike and booming trading volume suggest strong interest from investors.
RedStone Price Soars Following Upbit Listing
The price of RedStone skyrocketed to $0.78 on Friday after being listed on Upbit. Other exchanges, such as Bithumb, have also reported significant trading activity for newly listed tokens.
According to CoinMarketCap, RED increased from a low of $0.47 to $0.78, marking a substantial 55% gain in just 24 hours. This price surge coincided with a trading volume of $418 million, which has more than quadrupled in recent days.
This increase follows Upbit’s official announcement of its support for RED/KRW trading, which opened at 5 PM KST. The RedStone team celebrated this milestone on their social media, highlighting the partnership with Upbit and upcoming events in Seoul, including Korea Blockchain Week (KBW) and parallel activities like the Hyperliquid Hackathon and XRP Seoul, showcasing their active engagement with the crypto community.
RedStone Price Forecast
RedStone provides modular oracle infrastructure to DeFi protocols and secures over $10 billion in assets, aligning with Upbit’s focus on innovative projects, contributing to the price increase. Recently, RedStone acquired the DeFi rating provider Credora, bolstering its expansion efforts.
Commenting on the acquisition, RedStone noted: “This brings traditional finance risk assessment to DeFi, positioning RedStone to play a role in decentralized markets akin to that of SandP or Moody’s in traditional finance, providing a reliable framework for understanding and assessing risk.”
The current 55% surge reflects broader market enthusiasm, as platforms like Compound, Lido, and Pendle have also registered gains. However, despite the bullish trend, September has historically posed challenges for assets like Bitcoin, hinting at possible short-term fluctuations.
Analysts suggest that sustaining current momentum will depend on RedStone’s ability to leverage Upbit’s platform and deliver on its engagement promises. For now, maintaining a price above $0.60 is critical to uphold the bullish trajectory, while a fall below $0.50 could set the stage for a downward trend.
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