Today, REZ crypto experienced a remarkable increase of up to 38% in anticipation of its upcoming listing on South Korea’s Bithumb exchange.
Data indicates that Renzo (REZ) reached an intraday peak of $0.022 on April 1, which pushed its market capitalization to nearly $43 million. Despite this surge, the daily trading volume fell by 17% to about $114 million, suggesting a decline in trading activity following the initial excitement.
The surge occurred shortly after Bithumb announced that it would feature REZ on its Korean Won market. Trading is set to commence at 4:00 PM KST on Tuesday, April 1, 2025.
Deposits and withdrawals will only be allowed on the Ethereum network, opening approximately two hours post-announcement. REZ will start at an initial price of 24.73 KRW (about $0.016) and will require 33 confirmations before deposits can be processed.
Bithumb will also implement some temporary restrictions. During the first five minutes after launch, buying orders will be prohibited, while sell orders must remain within a -10% to +100% range from the initial price. Automated trading will only begin once the first trade is completed.
As always with new listings, it’s crucial to monitor the price movements closely. It’s common for coins to see a surge ahead of significant listings due to the buzz, followed by a substantial sell-off right after they go live.
As previously noted, Elixir (ELX) surged nearly 68% to a record high of $0.726 prior to its Bithumb listing on March 11, but subsequently lost most of those gains within the following day.
Nevertheless, some analysts believe that REZ may have further potential.
Michaël van de Poppe mentioned in a March 31 post that REZ has been experiencing strong upward momentum lately. If the prevailing trend continues and it breaks past the $0.027 resistance level, he forecasts it could climb as high as $0.07 in the weeks ahead.
Similarly, another analyst, Crypto_Jobs, pointed out a significant support area around $0.0165. He stated that as long as REZ remains above this threshold, the outlook stays positive.
REZ serves as the native token of the Renzo Protocol, a liquid restaking platform on Ethereum. It acts as an interface to EigenLayer, offering users greater flexibility and composability in participating in restaking.
In August of last year, the project extended its liquid restaking solution to the Jito ecosystem on Solana.
Disclosure: This article does not constitute investment advice. The information and materials presented here are intended for educational purposes only.