HumidiFi's WET token rides Upbit, Bithumb listings in new rally

HumidiFi’s WET token is still going through price discovery. The asset recovered near its all-time high after a series of listings on South Korean exchanges. 

WET, the native token of the HumidiFi dark pool DEX, rallied close to its all-time peak. The asset recovered to $0.28, up from recent local lows of $0.17. 

HumidiFi is yet to complete its first week of trading, following a slightly delayed IDO due to a sniping incident. WET has been building up open interest on derivative exchanges, with over $31M in the first week of trading. 

Long and short positions are mostly balanced, with no attempts to aggressively short the token. The biggest share of the derivative activity is concentrated on Binance with 13% of liquidity, with Bybit and OKX carrying the remaining positions. WET is yet to be represented on Hyperliquid.

The recent downturn was seen as a shakeout of weak holders, while the token continued with new listings. The token returned to heightened trading activity and grew its number of active on-chain wallets. WET is seen as continuing its accumulation, while the HumidiFi exchange aims to boost its influence. 

WET rallies with added Upbit, Bithumb pairs

Most of the WET activity is still concentrated on Bybit and OKX. The new pairs on Bithumb and Upbit may show their complete effect in the coming days. 

The recent WET rally is relatively small compared to the Upbit effect in the past. Still, at its peak, WET added over 55% to its price. The recent rally also boosted token ownership to over 6,200 wallets.

Decentralized activity also picked up for WET following its near-vertical spike during Asian trading hours on Monday. One of the top whales extracted around $144K from the token by selling over the last few days. 

WET is seen as a long-term bet on the influence of HumidiFi. WET mindshare is now 0.1% on social media, up over 1,628% in the past days based on Messari data. 

After the pump, WET had a market cap of $62M, with a fully diluted valuation over $271M. At this point, WET still has limited predictions on growth, as the appeal of new tokens has diminished. 

HumidiFi remains the top Solana DEX

HumidiFi keeps its top position after Solana traders switched to proprietary DEXs with dark pools. Proprietary automated market makers avoid the risk of front-running and sandwich attacks, which Solana traders still deal with on a daily basis. 

In recent days, HumidiFi passed PumpSwap with over $743M in daily trading activity, though PumpSwap and Raydium remain the long-term leaders. The chain achieved an all-time volume record at $2.8B in October, retaining a baseline of around $1B in daily trading in the past two weeks. 

The dark pool DEX still carries around 21% of Solana DEX activity on some days, although its ranking may vary. For now, HumidiFi is the second or third most active DEX on Solana, depending on daily activity from its main competitors.

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