DeepBook Skyrockets 400%! Is This Just the Beginning?

The DeepBook token (DEEP) continued its impressive rally on Monday, reaching its highest price since February 1. DEEP climbed to $0.2525, marking a stunning 400% jump from its lowest level earlier this month. This rally pushed DeepBook’s market cap to around $693 million.

Currently Deepbook Price trading at $0.2218 as per Coinpedia Market data.

For a more detailed DeepBook Protocol Price Prediction, check out our full analysis!

DeepBook Network Sees Strong Growth

According to data from DeFi Llama, DeepBook’s network transaction volume has surged by 135% over the past week, reaching $130 million. Over the past 30 days, the total volume hit $413 million, while the cumulative volume since launch now stands at $8.7 billion.

This growth comes as the Sui network experiences a rally in meme coins. According to CoinGecko, the total market cap of meme coins on Sui rose by 2% in the past 24 hours, reaching $203 million. Some of the biggest gainers include Miu, Lofi, MemeFi, and Sudeng.

DeepBook’s v3.1 Upgrade Boosts Investor Confidence

The latest price surge was also supported by the launch of DeepBook’s v3.1 upgrade, which introduced several new features aimed at increasing market share.

Key updates include:

• Permissionless pools that allow anyone to create custom trading pairs.

• Third-party liquidations and permissionless access, helping margin trading protocols and liquidation bots.

• A revamped fee structure, cutting taker fees from 5bps to 1bps and maker fees from 2bps to 0bps.

• Users are no longer required to hold DEEP tokens to trade on the platform.

Additionally, the token’s rally gained momentum after DeepBook was listed on Upbit, South Korea’s largest cryptocurrency exchange.

DeepBook Price Technical Analysis

Looking at the daily chart, DEEP bottomed out at $0.04593 on April 7 before rebounding sharply to $0.2524. This recovery followed the formation of a falling wedge pattern, which is often seen as a bullish reversal signal.

The price also broke above the 38.2% Fibonacci retracement level and climbed above the 50-day moving average, suggesting that buyers remain in control.

However, there are some signs of caution:

• The Relative Strength Index (RSI) and the Stochastic Oscillator have moved into overbought territory.

• This indicates the possibility of a short-term pullback, potentially toward the $0.1360 support level, which aligns with the 61.8% retracement level.

If DEEP manages to break above Monday’s high of $0.2525, it could aim for further gains, possibly targeting its all-time high of $0.3465.