Why did the price rise $SOMI today?
Let's know together
The price of Somnia (SOMI) has risen by 47.76% over the past 24 hours, with gains of 75% over 7 days continuing. The main factors behind this growth include the listing of the currency on multiple trading platforms, the momentum of the mainnet network, and a deflationary tokenomics system.
The listing of the currency on several trading platforms – Binance, KuCoin, and CoinEx have added trading pairs for SOMI, enhancing liquidity and visibility.
Adoption of the mainnet – Decentralized finance (DeFi) activities saw a rise after the launch, with QuickSwap integration and real-time application launches.
Burning tokens to reduce supply – 50% of transaction fees are burned daily, which decreases supply as demand increases.
Detailed analysis
1. Listing the currency on trading platforms and increasing liquidity (positive effect)
Overview: SOMI was listed on Binance, KuCoin, and CoinEx on September 2, with trading pairs including USDT, BNB, and TRY. Binance also distributed around 30 million SOMI (3% of the total supply) through the HODLer airdrop program to BNB holders, increasing initial demand.
What does this mean? Listing on leading trading platforms usually attracts significant liquidity and stimulates speculative trading. Trading volume increased by 107% over 24 hours to reach $794 million, with a turnover rate (trading volume/market cap) at 4.11x, indicating high trading activity.
What to watch: Continued trading volume after the initial excitement of the listing. Binance holds about 30% of SOMI liquidity, so movements of major investors (whales) should be monitored.
2. Momentum of the mainnet and ecosystem growth (positive effect)
Overview: Somnia launched its mainnet on September 2 after processing 10 billion transactions on the test network. Collaborations have been made with QuickSwap (a decentralized trading platform) and projects like PlayVariance (gaming), with more than 70 decentralized applications running so far.
What does this mean? Practical usage is increasing – where PlayVariance alone achieved 250 million transactions within 5 days before the mainnet launch. Additionally, the $270 million ecosystem fund and 24 planned hackathon competitions reflect a long-term commitment from developers.
3. Supply reduction mechanism (mixed effect)
Overview: 50% of network fees are burned daily. With 1.04 billion transactions daily at peak, this leads to a significant reduction in supply.
What does this mean? Burn operations compensate for the inflation resulting from unlocking tokens (where 84% of the supply is still locked). However, only 16.02% (160.2 million SOMI) is currently in circulation – unlocking future tokens for team members and advisors (14.58% of the supply) may put pressure on prices if demand decreases.
Summary@ezzalden Crypto
The rise in Somnia's price is attributed to the convergence of several factors: liquidity driven by listings on platforms, momentum from the mainnet usage, and the story of token scarcity. Although technical indicators suggest an overbought condition may exist (7-day RSI not available), the altcoin season index (+38% over 30 days) supports ongoing momentum.
Key point to monitor: Can SOMI maintain its price above $1.20 if BTC dominance recovers (57.83%)? Network transaction indicators and token unlocking schedules should be monitored.
