HumidiFi (WET) Jumps 45% Following Dual Listings on Upbit and Bithumb

The price of HumidiFi's token, WET, soared significantly after South Korea's top exchanges, Upbit and Bithumb, announced they would simultaneously list the token.

Key Takeaways

HumidiFi’s token WET surged 45% due to listings on Upbit and Bithumb, South Korea's major exchanges.
Trading starts on December 15, with specific withdrawal and deposit instructions provided by Upbit.
Both exchanges will enforce temporary trading restrictions, including limit orders only for the initial trading hours.
Market response was swift, with WET's price significantly increasing after the announcements.
The token's earlier challenges have been addressed, leading to a successful relaunch and strong market interest.

With this development, WET gains entry into South Korea's vibrant crypto market, presenting exciting new opportunities. Both exchanges have confirmed that trading will commence at 18:30 Korean Standard Time (KST) on December 15.

Price Rally Driven by Dual Listing

Upbit's recent announcement highlighted that WET would be traded in pairs with the Korean won (KRW), Bitcoin (BTC), and Tether (USDT). The platform is set to enable deposits and withdrawals two hours following the announcement.

“Deposits and withdrawals are to be carried out using the designated network (WET-Solana). Please verify the network before making any deposits. The contract address for WET supported by Upbit is: WETZjtprkDMCcUxPi9PfWnowMRZkiGGHDb9rABuRZ2U,” Upbit explained.

As is customary with new listings, Upbit will impose temporary trading limitations during the launch phase. Specifically, buy orders will be disabled for about five minutes after trading begins. Additionally, any sell orders priced more than 10% below the previous day's closing price will face restrictions. For the first two hours of trading, only limit orders will be accepted, with other order types temporarily unavailable.

Bithumb will also feature WET on its KRW market, and it will implement trading limitations upon launch. The initial reference price for WET has been set at 282 won. Bithumb will extend a limited-time trading fee waiver for WET from the start of trading on December 15 until December 17 at 7:00 PM.

“If orders that are placed during the fee-free duration get executed after this period, standard trading fees may apply,” Bithumb noted.

The market reacted quickly to these announcements, with Upbit's information pushing WET's price from $0.181 to $0.279, marking a substantial 54.2% increase. This surge follows a trend where tokens that secure listings on the exchange commonly experience notable short-term gains.

Bithumb's listing further contributed to a slight increase in WET's price, which, at the time of writing, has settled at $0.26, reflecting an impressive gain of nearly 45%.

These recent listings are just days after WET made its market debut. Major exchanges like Coinbase, OKX, and Bybit also listed the token quickly after launch, demonstrating a strong initial market interest.

However, the launch was not without its challenges. During the first sale, a single entity reportedly utilized over 1,000 wallets to acquire nearly 70% of the total supply. In response, the HumidiFi team promptly canceled the sale and re-launched with a new token.

As reported by BeInCrypto, the relaunch featured enhanced protections and garnered substantial participation. The team's quick corrective measures and clear communication reinstated market confidence, leading to WET's remarkable 100% rally last week.