DeFi tokens continue to make giant moves on the price charts, almost replacing Bitcoin’s low volatility which has recently hit a three year high.
We look at the top 3 of this week and analyze its price movements over the week.
Aave’s LEND in the last 36 hours had rallied to a new all-time high after showing a surge of 30% from $0.59 to $0.77. The strong upside moves come as a result when Bitcoin and many top altcoins are in the red zone losing their steam with USD bouncing off. The recent rally could also be the news that the DeFi lending and credit protocol received an Electronic money institution or EMI license from FCA, UK. This allows the parent company Aave Ltd, to issues e-money and provide payment services.
At present Aave, users can borrow and lend digital assets without any third party involvement. LEND, the governance token allows the holders to vote on the platform’s future. Users are hoping more functionalities will be added if the users voted for them. The company also recently launched its Aavenomics proposal and if the token holders approve the same, it will bring in many changes like more rewards. Aave price today is $0.790 with a 24-hour trading volume of $322,273,271. LEND price has dropped in the last 24 hours. Looking at its 7-day chart, LEND has shown steady peaks in its performance. Check out the trend below:
The entire token info at a glance
Maker is the decentralized lending protocol that has created DAI. MKR is used to vote on protocol decisions through the Maker Voting dashboard. It is burned using a part of stability fees that are collected from outstanding loans. Anyone can use Maker to open a vault and store in their collaterals like ETH and generate Dai as a debt against the collateral. Users can borrow Dai up to 66% of their collateral value. The maker has a feature called the Dai Savings rate. Under this feature, holders can lock their DAI into Maker’s DST contract and earn a variable interest rate in DAI. Charting out the trends of MKR, we must say that its annual performance has averaged out to be profitable with an increase of 23% in its value. In the last hour the price has marginally appreciated by 0.1% but lost 2% in the last 24 hours. MKR shows a lot of fluctuations but the marginal rise and fall make it negligible. Maker price today is $634.47 with a 24-hour trading volume of $31,388,887. It has a circulating supply of 900 Thousand coins and a max supply of 1.01 Million coins.
Certain industry experts opine that Chainlink’s LINK token could reach $32 by the year-end. The growing interest in Chainlink and other oracle projects was observed on Google Trends. But in comparison to major cryptocurrencies, like Bitcoin, there is less mainstream interest.
Google trend data of Chainlink and Bitcoin
LINK holders who have held onto the token now for a year, have realized substantial gains with growth records of 629% in a one year period. Although in the last week, the token dipped by 6.8% in its token value, it has rallied strongly in the last 24 hours to produce a gain of 2.4%.