South Korea’s premier cryptocurrency exchange, Bithumb, has officially listed Cat in a Dog’s World (MEW) on its KRW market. This strategic inclusion allows users to explore new trading avenues, thus broadening Bithumb’s already extensive range of cryptocurrencies. The announcement led to a notable 25% increase in MEW’s value, as reflected in the accompanying graph.
What Are the MEW Listing Details?
Cat in a Dog’s World (MEW) will be tradable on the Wonhwa Market and will utilize the Solana network exclusively for deposits. Bithumb cautioned users that deposits made through any other network would not be supported. The deposit window opens on June 7, 2024, at 15:30, with trading and withdrawals commencing at 18:00 the same day. The initial price for MEW has been set at 6,053 KRW, requiring 20 deposit confirmations.
Investors have been warned about the high-risk nature of cryptocurrency trading. Bithumb stressed that such investments could lead to substantial losses, including the complete loss of investment. Within a week of this announcement, Bithumb might restrict deposits and withdrawals, block accounts, and require additional verification from users to ensure compliance and security.
Why Are There Order Restrictions?
To ensure a secure trading environment for new investors, Bithumb has imposed specific order limitations. For the first five minutes after trading starts, buy orders will be restricted. Sell orders will be confined within a range of -10% to +100% of the reference price during this period. Automated orders will only be approved after the first trade is executed post-trading commencement.
Key Guidelines for Safe Transactions
When dealing with deposits and withdrawals, users must adhere to certain guidelines to avoid issues. Bithumb operates under the Travelpool application and supports transactions exclusively through compatible cryptocurrency providers. This necessitates that deposits and withdrawals are made using exchanges supported by Bithumb to ensure smooth transactions.
Additionally, users should exercise caution when depositing crypto assets. Only the officially announced types of assets will be processed in the event of incorrect deposits. Prior to any deposit, users must verify the asset’s address system and network connection displayed on the deposit screen to avoid errors.
Practical Tips for Investors
– Verify the network type before making any deposit to avoid loss.
– Double-check the crypto asset’s address to prevent errors.
– Be aware of Bithumb’s restrictions on new deposits and withdrawals.
– Understand the imposed order limits during initial trading periods.
– Ensure compliance with Bithumb’s security and verification requirements.
In conclusion, the listing of MEW on Bithumb’s KRW market introduces new trading opportunities while demanding cautious and informed trading practices from investors to ensure security and compliance.