RedStone’s trading volume rose to $700 million on a wave of retail enthusiasm.
Summary
- RedStone’s price rose 80% to a daily high of $0.7988, before stabilizing at $0.6803.
- Listing on South Korea’s Upbit exchange was the major catalyst for the price increase
RedStone (RED) crypto price has gained significant momentum following major listing news. On Friday, September 5, the South Korean exchange Upbit officially announced the listing of RedStone on its Korean Won market. This was RedStone’s debut in the large South Korean market, giving it exposure to a large retail user base.
Following the announcement, the price of RedStone rose 80% to a multi-month high of $0.7988 before stabilizing at $0.6803. This surge pushed RedStone’s market capitalization to $192.1 million. Additionally, trading volume skyrocketed to $700 million, reflecting significant retail interest.
To ensure market stability, Upbit implemented several trading restrictions. First, during the first five minutes, buy orders were restricted, and sell orders were capped at 10% below the previous day’s closing price. These measures aimed to prevent bots from immediately rushing in and distorting the market. Additionally, for the first two hours of trading, the exchange allowed only limit orders.
Can Redstone crypto price reach $1?
Redstone is a multi-chain an oracle network, which provides external data to other blockchains. This data includes asset prices in traditional finance, which blockchains typically don’t have access to. It caters to DeFi protocols, RWA platforms and other dApps that require accurate, real-world data.
Its oracle network also offers flexibility for developers. For instance, developers on other chains can pull data from RedStone when needed, reducing the cost of on-chain data storage and gas fees. The protocol also works across several blockchains, including Ethereum, Arbitrum, Avalanche, and Polygon.
RedStone’s token supply is capped at 1 billion RED, with a 280 million circulating supply. It is the utility token for its oracle infrastructure, enabling users to earn staking rewards. The low supply, coupled with utility, means that the RedStone price has the potential to reach $1. However, traders should be mindful of future token unlocks and concentration.