REZ crypto surged by as much as 38% today, ahead of its upcoming listing on South Korea’s Bithumb exchange.
According to crypto.news data, Renzo (REZ) hit an intraday high of $0.022 on April 1, lifting its market cap to nearly $43 million. While the token was rallying, its daily trading volume dipped 17% to around $114 million, showing signs of trading activity cooling off after the initial hype.
The pump came shortly after Bithumb announced it would be listing REZ on its Korean Won market. Trading is scheduled to go live at 4:00 PM KST on Tuesday, April 1, 2025.
Deposits and withdrawals will only be available on the Ethereum network, and they’ll open roughly two hours after the announcement. REZ will debut at an initial price of 24.73 KRW (about $0.016), with 33 confirmations needed before deposits are processed.
Bithumb will also put some temporary controls in place. For the first five minutes after launch, no buy orders can be placed. Sell orders, meanwhile, must stay within a -10% to +100% range from the base price. Automated trading will only be activated after the first trade is executed.
As always, with listings, it’s important to watch the price action closely. It’s common for coins to pump ahead of a major listing due to the hype, only to see a sharp sell-off shortly after going live.
As previously reported by crypto.news, Elixir (ELX) spiked nearly 68% to an all-time high of $0.726 before its Bithumb listing on March 11 but lost most of those gains within the next day.
Still, some analysts think REZ might have more room to run.
Michaël van de Poppe highlighted in a March 31 X post that REZ has been bouncing hard and showing signs of strong momentum. If the current uptrend holds and it manages to break above the $0.027 resistance level, he believes it could rally as high as $0.07 in the coming weeks.
Echoing a similar view, fellow analyst Crypto_Jobs also noted a key support zone around $0.0165. As long as REZ stays above that level, the outlook remains bullish, he added.
REZ is the native token of Renzo Protocol, a liquid restaking platform built on Ethereum. It serves as an interface to EigenLayer, enabling users to participate in restaking with more flexibility and composability.
Last year in August, the project expanded its liquid restaking solution to the Jito ecosystem on Solana.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
