Investing.com - Financial Markets Worldwide
📢 The ProPicks AI strategy to watch when Tech rally slows down. It did 2X the S&P in July!Unlock AI Insight

CREAM Price Soars 60%. Key Reason Why

Published 2023-09-24, 07:05 a/m
© Reuters. CREAM Price Soars 60%. Key Reason Why
ETH/USD
-

U.Today - , a popular token in the realm of decentralized finance, has witnessed a significant price surge of 60%, according to data provided by .

This ascent in price is largely attributed to actions undertaken by Jeffrey Huang, also known as Machi Big Brother, making CREAM the best-performing altcoin of the day.

Understanding CREAM's ascent

CREAM is a part of Cream Finance, a decentralized finance (DeFi) protocol aiming to offer a wide array of financial services such as lending and borrowing, on the Ethereum blockchain.

According to , Machi Big Brother withdrew 215,236 CREAM, equivalent to approximately $4.04 million, from Cream Finance.

Rather than liquidating the assets immediately, he to stake them once more, suggesting a long-term bullish outlook on CREAM.

It is worth noting that Machi Big Brother has sizable impact on the cryptocurrency market. He played a significant role in the price fluctuations of , impacting the NFTs' floor price significantly through large-scale sales and purchases of these digital collectibles.

Worst-performing coins

While CREAM basks in its newfound success, other coins have not shared the same fate. Notably, Zap Protocol (ZAP) and xDai Chain (STAKE) experienced significant depreciations, registering 13.8% and 13.4%, respectively, whereas Akropolis (AKRO) saw a decline of 9.5%.

This article was originally published on U.Today

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.