The safe token (SAFE), belonging to the wallet with the same name, has made a significant jump in its price, motivated by new updates and its arrival on renowned exchanges.
SAFE has experienced a notable rebound in its price, rising from $0.93 to $1.77 in the last 7 days, which represents an increase of 83%. In this way, it has become the digital asset in the top 100 with the most weekly rise (a position disputed by ApeCoin at the time of this publication).
However, that was before adjusting slightly to $1.57 in current trading.
Despite that, The digital asset is 58% below its all-time high of $4 reached in April of this year.
For its part, SAFE’s market capitalization has grown by 19%, reaching $779 million and ranking 86th among the crypto assets with the highest market value, according to CoinMarketCap data.
An update marks the path of SAFE in the market
The reason behind this increase is related to an important Safe wallet updatemade known through his account on the social network X.
This implementation includes a new feature that allows users to create and manage a single wallet address on over 15 different cryptocurrency networks. Among those are Polygon, BNB Chain, Avalanche, Optimism, Base, Mantle, World Chain, among others.
This seeks to simplify operation in multiple cryptocurrency networks, avoiding the complexity of managing different addresses.
Furthermore, Safe has implemented the possibility of generating these accounts without gas charges in several of the main Ethereum scaling solutions, such as layers 2.
Thus, creating an address in Safe is free, although it is necessary to have assets in the specific networks to activate its functionality and cover the corresponding fees.
The update also makes it easier to add networks to existing wallets. With a redesigned network selector, Users can integrate new networks almost immediatelypreserving the structure of owners, threshold and modules that they have previously configured.
This means that, when adding a new network, all the configuration that the user already had in their wallet will remain unchanged.
As defined by Criptopedia, the educational section of CriptoNoticias, wallets are interfaces that connect people with cryptocurrency networks. Through them, users manage the account numbers (called ‘addresses’) that allow them to receive money and verify balance, as well as control the keys or private keys to mobilize said funds.
Exchanges get involved with SAFE
On the other hand, the rise of SAFE has also been fueled by support from some major exchanges.
Upbit, South Korea’s largest cryptocurrency exchange, incorporated SAFE to its platform with trading pairs in Korean won (KRW), bitcoin (BTC) and the Tether USD stablecoin (USDT). This not only expanded the accessibility of the token, but also contributed to its rise in the market.
Another sign of its growing appeal comes from on-chain data revealed by Spot On Chain, showing an increase in the number of SAFE holders.
In particular, top five first-time investors acquired 1.356 million SAFE tokens (equivalent to $2.24 million) through OKX, Bybit and Uniswap, generating collective profits of $150,000.
This interest from new holders reinforces the market’s confidence in the token’s potential.
Binance launches product with SAFE
In turn, Binance has announced the launch of a perpetual contract for the SAFE-USDT pair in its futures section.
This contract allows users to exchange SAFE with USDTusing up to 75x leverage. It means that a trader with only $100 in his account can open a position valued at $7,500.
Perpetual contracts, unlike traditional futures that have an expiration date, allow traders to keep their positions open indefinitelyoffering an attractive tool for those who want continued exposure to SAFE.
The recent update of the Safe wallet and the expansion of SAFE in the futures and exchanges market consolidate its role in the cryptocurrency ecosystem. These innovations not only simplify the user experience, but demonstrate how the Safe project is driving new possibilities, attracting both new users.