Why is Cream Finance (CREAM) Crypto Price Soaring?
The Cream Finance team posted an update on their official X account, hinting at various factors that could drive the cryptocurrency price spike. Just now the token has soared by 30%, and has seen a movement of more than 400% since the end of February. The team highlighted several factors that could contribute to the positive sentiment surrounding the project.
First, they emphasized that the project did not experience a venture capital (VC) raise, which is often seen as a positive sign in the decentralized finance (DeFi) space. Many crypto enthusiasts prefer a fair launch without significant VC involvement, as this is in line with the ethos of decentralization.
Second, the team mentioned that the token supply is distributed through a fair launch, further strengthening the project's commitment to decentralization and transparency.
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Third, the Cream Finance team revealed that they had burned more than two-thirds of the token supply, which could contribute to the price spike due to reduced circulating supply and increased scarcity.
Another important factor highlighted by the team was their response to a $140 million exploit incident. Despite the heavy losses, the team showed their commitment to the project by handing over all the team's allocated tokens to compensate the victims. Additionally, they also refunded $200 million to affected users, a move that will likely restore confidence in the project's integrity and resilience.
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Furthermore, the team announced that Cream Finance has been listed on Binance, one of the largest cryptocurrency exchanges in the world. Listing on a major exchange usually results in increased liquidity, trading volume and exposure, which can have a positive impact on the price of the project.
Lastly, the team mentions that Cream Finance is “DeFi for Memecoins,” indicating their focus on providing decentralized financial services for meme-based cryptocurrencies, which have gained significant popularity and interest from the crypto community.
Technical Analysis Perspective
From a technical analysis perspective, Cream Finance (CREAM) price appears to be continuing its upward trajectory after a four-day downward impulsive move. The cryptocurrency is finding strong support around the $67 level, which could act as a significant buying zone for investors.
Currently, the price is trading around $80, indicating a substantial recovery from the recent decline. Technical indicators and chart patterns suggest a continuation of the bullish trend, contributing to the positive sentiment and overall price surge.
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The post Why is the Price of Crypto Cream Finance (CREAM) Soaring? appeared first on CaptainAltcoin.#Binance #BTC
