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In a significant development on the cryptocurrency market, SPACE ID (ID) has witnessed a remarkable surge of over 20% in its price within a few hours of being listed on Upbit, South Korea's largest cryptocurrency exchange. The announcement of the listing of Binance's 30th launchpad project, SPACE ID, has sparked a flurry of activity among crypto enthusiasts and investors.
Lookonchain, a prominent cryptocurrency analytics platform, took to Twitter to report on the substantial impact of SPACE ID's listing on Upbit. The tweet mentioned that the price of ID had increased following its listing on crypto exchange Upbit.
It further noted that numerous wallets were in the process of withdrawing ID from exchanges to get ready for depositing into Upbit. Specifically, Lookonchain highlighted that Wallet "0x2b51" had withdrawn 1.55M ID ($501K) from Binance and OKX, indicating preparations for depositing into Upbit.
The current market price of ID stands at $0.2977, representing a notable 20% increase in the last 24 hours. Furthermore, the trading volume has experienced an astonishing surge, rising by 611.42% to reach $193,888,596 during the same period.
Growing significance of decentralized identity
SPACE ID positions itself as a multi-chain blockchain naming service, offering users the ability to register domain names with extensions such as .arb, .bnb and .eth. As the Web3 landscape continues to expand, decentralized identity solutions have gained prominence, and SPACE ID addresses this growing need.
The platform provides a comprehensive Web3 identity solution, consolidating services for discovering, registering, trading and managing Web3 domain names in a single user-friendly location. Upbit's decision to list SPACE ID reflects the exchange's recognition of the increasing importance of decentralized identity in the Web3 ecosystem.
With the surge in Web3 users, the demand for secure and efficient decentralized identity solutions has become a focal point for the crypto community. Investors and enthusiasts alike are keeping a close eye on market trends as the influence of Web3 continues to shape the future of the cryptocurrency space.