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Sideshift SLP Token SAI Gains Over 30% in Less Than 24 Hours

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.

Also read: Gocrypto SLP Token Starts Trading on Bitcoin.com Exchange

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.

Sideshift SLP Token SAI Gains Over 30% in Less Than 24 Hours

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.

Sideshift SLP Token SAI Gains Over 30% in Less Than 24 Hours

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.


Images courtesy of Shutterstock.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Bulgaria, which sometimes finds itself at the forefront of advances it cannot easily afford. Quoting Hitchens, he says: ”Being a writer is what I am, rather than what I do.“ International politics and economics are two other sources of inspiration.

Lubomir Tassev , 2019-11-30 11:21:17 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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