Unifi Protocol, a next-gen multi-chain DeFi ecosystem, has seen massive growth recently, with record-high accumulation volumes in the past couple of weeks.
According to data from CoinMarketCap, between July 20th and July 25th, 2021, Unifi’s $UNFI token rose from $4.92 to $10.34, with over $90 million in volume moving as it closed. This price movement is unique and indicates heavy trading and heated attention on the token, given how the 24-hour volume exceeded its circulating supply ($86 million, July 25th) at the time. The record-high accumulation volume saw the $UNFI governance token more than double its price, placing it as a featured top gainer in the CoinMarketCap charts.
Interestingly, this price movement happened at least a day ahead of $BTC (Bitcoin) soaring back its recent rebound to the $40k level, an unusual movement given current market volatility. This unique inward movement for $BTC short positions is possibly an early indicator of a coming BTC breakout sometime within the year.
Traders looking for low market cap altcoins to move into positions for capturing the pending $BTC breakout will find the Unifi Protocol’s high-volume and high-quality token economy as an attractive entry point. Unifi Protocol’s $UNFI stands out as one of the only low market cap tokens with an already established product with fresh new features, making its projected value potentially higher than it is, based on current pricing.
$UNFI’s all-time high was recorded at $43 back on March 1st of this year. The recent jump from $4.92 to the $10.34 projects confidence in the token’s growth, with a possible rebound to the $40 level in the coming quarters, given the quick time interval it took to double on the charts.Analysis shows that the heavy accumulation behavior is likely tied to recent strategic positions that the Unifi Protocol has taken, with the acquisition of six major blockchains nodes to create the world’s first ever “blended” DeFi and blockchain staking ecosystem. This move was solidified alongside the launch of Unifi Protocol’s uStake. This recent acquisition opens the way for another $8.5 million market cap token to blend into Unifi’s token economy.
Founded in 2020, the protocol is backed by leading investors in the crypto space, including Binance, Huobi, and Chain Capital. Unifi Protocol’s integrative platform operates with a set of non-custodial, interoperable, decentralized, and multi-chain smart contracts and blockchain nodes, providing industry-grade infrastructure for cutting-edge DeFi development.
Unifi Protocol currently operates and integrates with other DeFi ecosystems on the Ethereum Blockchain, as well as other leading DeFi platforms such as Binance Smart Chain, Polygon, IoTeX, Ontology, Icon, Tron, Harmony, and Waves.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.