Join Our Telegram channel to stay up to date on breaking news coverage
DeFi Coin (DEFC) is probing the 21-week levels around $0.12 after a 500% bounce from $0.10 to well over $0.50 in early May. The coin has continued to perform well over the last 24 hours, despite the fact that the crypto market is still bleeding. In the last 24 hours, the coin has gained 4.76%.
DeFi Coin, a network-based protocol based on the Binance Smart Chain (BSC) network, is a rising star in the newfangled Decentralized Finance ecosystem. DeFi tokens have performed better than many traditional cryptocurrencies in the current market downturn.
The concept of an open finance market with little involvement of centralized financial intermediaries has paved the path for increased performance by allowing for faster transactions, more transparency, and lesser paperwork.
DEFC Price Prediction
DeFi Swap is a decentralized exchange (DEX) platform that enables smooth asset trading without the use of a middleman. Since its launch, the site has attracted a lot of attention from investors, with many of them buying DeFi Coin in the hopes of making a profit.
DEFC is also being listed on other centralized exchanges via DeFi Swap. This should help DEFC grow as it gains access to a larger pool of investors.
DEFC has been decreasing in tandem with the broader decline in the cryptocurrency market. DeFi Coin has recovered from its June 1 low of $0.2957 to a bounce of $0.122536 with a 24-hour trading volume of $1,503.21.
Investor trust in the crypto market may take time to revive, but a return to $0.10+ levels suggests that DEFC may also revisit the $1 level, which served as resistance in late 2021.
DEFC has a minimal trading history over $1, therefore there would be little resistance to it forming a new range between $1 and $1.50 if it can breakthrough.
When DEFC was listed on Bitmart, the first centralized cryptocurrency exchange, it reached an all-time high of $4.
Now, more CEX listings are being sought in addition to Bitmart. DEFC can be purchased on the project’s own DEX, DeFi Swap, or through PancakeSwap. DEFC can also be staked for up to 75% APY on DeFi Swap, which would be a good method to compound a holding at these low prices.
Why DeFi Coin Bounce is Poised Better than other DeFi Tokens?
The collapse of Terra USD (UST) and Luna has tainted the perception of algo stablecoins, as well as the advanced and often impenetrable financial engineering that surrounds some DeFi products.
DeFi Coin and DeFi Swap, on the other hand, stand out as simple value propositions, with the source of yield coming directly from the smart contract-based transaction tax. The source of TerraUSD deposit yields was never clear.
Also, unlike Terra Luna and its opaque relationship with VCs, Chicago trading firms, and fund investors, the DeFi Coin ethos has always been a community-driven ecosystem with no particular insider interests.
The DeFi Swap V3 protocol will go live in the next few months, according to the DeFi Coin roadmap. Many additional swap pairs are included in the upgrade, as well as new resources like research, a forum, crypto signals, interactive charts, market data, podcasts, and more.
The DeFi Coins website is also getting a makeover.
In light of this, a jump in DEFC’s price from $0.12 onwards is quite likely in the coming weeks.
DeFi Coin might also become a major participant in a new, more transparent, and, in some respects, simpler DeFi environment, in which a stablecoin is fully supported, as are the sources of revenues that feed yields, as is the case with DeFi Coin.
Read more:
Join Our Telegram channel to stay up to date on breaking news coverage
