Crypto exchange Sideshift’s SLP token, SAI, has scored remarkable gains in value this week. Its price jumped well over 30% on Thursday, from $0.0310 per coin early on Nov. 28 to over $0.0450 a few hours later, and to a record high of 0.0473 on Friday, Nov. 29.
SAI Maintains New Higher Price Range
SAI is the native token of Sideshift AI, an automated coin swapping platform that allows users to quickly exchange around two dozen cryptocurrencies, including bitcoin cash (BCH), bitcoin core (BTC) and several stablecoins. Of course, it supports SAI as well, which exists as a Simple Ledger Protocol (SLP) token, an ERC-20 token and on the Liquid inter-exchange settlement network. It has a limited supply and only 210 million SAI will ever be minted.
The token is currently used to pay out rewards that can be earned by becoming a Sideshift affiliate. The exchange plans to increase its implementation in interactions with its services and other vendors. That includes rewards for takers of exchange orders, rebates when using SAI to pay fees, discounts for SAI merchant payments, paying employees, contractors, service providers, and partners in SAI. In the future, the crypto may be used to “buy-and-burn” Sideshift AI profits, offer trade incentives, and create merchant discounts, the platform’s website details.
For the better part of the past 10 days, SAI’s price stayed in the range between a low of $0.0272 and a high of $0.0346, data provided by markets.Bitcoin.com shows. A significant upward movement began on Thursday, Nov. 28, when the price jumped from around $0.0308 to a record high of 0.0473 the following day, an increase of close to 35% for a little over 24 hours. Following a modest correction, the token is trading at around $0.0464 at the time of writing, preserving most of its price gains. Currently SAI has a market cap of over $568,000 and a 24-hour volume of $4.45 million.
Exchange Listings and SAI’s Utility Increase Its Value
SAI is currently trading at three cryptocurrency exchanges – Sideshift AI, Coinex, and the Bitcoin.com Exchange. A major factor for the token’s price increase may have been the recent announcement of its upcoming listing on a fourth platform. Last Sunday, Nov. 24, Cryptophyl revealed it will be listing SAI in the first days of next month. The exchange also plans to airdrop 50,000 SAI tokens to holders of its own token, DROP. Users who have the coin in their wallets are eligible to receive token airdrops. The SAI-BCH market will go live at 09:00 UTC, Dec. 3, the announcement detailed.
Andreas Brekken, the developer who launched Sideshift, told news.Bitcoin.com that the platform is excited to have its SAI token as one of the first SLP tokens listed on the Bitcoin.com Exchange. While price discovery is an efficient process, he noted, it can take time for market participants to research tokens and to have that reflected in the market. Commenting on SAI’s recent price spike, he further elaborated:
The price increase of SAI is a result of buying pressure, likely from buyers having had time to research the utility of SAI and the promises of an automated coin swap service that doesn’t require users to register an account to perform trades.
SLP tokens based on the Bitcoin Cash blockchain have been growing in number and approximately 5,000 have been created so far. They are issued by various projects and designed with a myriad of uses in mind. As news.Bitcoin.com reported in October, transactions using the SLP framework have increased significantly during the course of this year as well. The whole ecosystem has been expanding and besides many options to buy SLP tokens, you can also freely trade and safely store them.
Bitcoin.com has been an active supporter of the adoption of the Simple Ledger Protocol, a system allowing anyone to create tokens based on the BCH network in a permissionless manner. One of the main reasons for the launch of Exchange.Bitcoin.com was to provide SLP projects with a platform to list their various SLP tokens. An example of joint efforts in that direction is the integration of Sideshift, the issuer of the SAI token, with the Bitcoin.com wallet, which allows you to swap BTC and BCH within your mobile wallet app.
Have you used Sideshift and the SAI token so far? Share your experience in the comments section below.
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