KROM: Despite insider trading charges, how this coin managed to double under a week

Please fol­low and like us:
Pin Share

Fol­low­ing Coinbase’s announce­ment on 11 April to list over 50 assets made up of 45 ERC-20 tokens and 5 Solana Pro­gram Library tokens on its exchange and the ensu­ing alle­ga­tions of insid­er that fol­lowed, the prices of some of these tokens have shot up due to an upward trend. One of such token is the KROM token which has record­ed over a 100% gain in its price.

What’s KROM?

KROM rep­re­sents the dig­i­tal token issued by Kro­mati­ka Finance, a decen­tral­ized exchange (DEX) for trad­ing cryp­to with its sell­ing point being zero swap fees, elim­i­na­tion of front-run­ning bots and its abil­i­ty to pre­vent price slippage.

Fol­low­ing Coinbase’s announce­ment of 11 April, a look at price charts revealed a spike in price for the token. Pri­or to the announce­ment, the token was trad­ing at a price of $0.0525 on 10 April. How­ev­er, at the time of this press, the price for the token has ral­lied up 119%  to a high of $0.1150. This rep­re­sents a 56.8% decline from an ATH of $0.2659 which it record­ed last November.

Source: Coingecko

Pri­or to the announce­ment , on-chain analy­sis for the token revealed that as at 10 April, the mar­ket cap for the token was $4,905,078. How­ev­er, at the time of this press, the mar­ket cap for the token was around $9,472,656. This rep­re­sents a 93% spike in mar­ket cap­i­tal­iza­tion sug­gest­ing an inflow of mon­ey into the token.

Sim­i­lar­ly at the time of writ­ing, the trad­ing vol­ume for the dig­i­tal token stood at $724,922, a 370% increase from fig­ures of $154,263 record­ed pri­or to the announce­ment on 10 April. This like­wise, is an indi­ca­tion of heavy on-going trad­ing activ­i­ty of the token.

Source: Coingecko

The Launch of Kromatika v2

Besides the intend­ed list­ing on Coin­base, the spike in price for the KROM token can also be attrib­uted to the intend­ed launch of its Kro­mati­ka v2 which is sched­uled for 20 April and a poten­tial list­ing on the Arbi­trum Odyssey project. 

With the launch of Kro­mati­ka v2, Kro­mati­ka Finance intends to float a decen­tral­ized aggre­ga­tor known as MetaDEX aggre­ga­tor which will assist users of the exchange to  aggre­gate swap liq­uid­i­ty from mul­ti­ple sources. All of these announce­ments in the past week can be heav­i­ly attrib­uted to why the token has record­ed an upward trend in price in the last few days.

MITX and BDP among tokens that recorded gains

Apart from the KROM Token, oth­er tokens that have record­ed sig­nif­i­cant gains fol­low­ing Coinbase’s announce­ments are the Big Data Pro­to­col ($BDP) and the Mor­pheus Labs ($MITX) tokens. Fol­low­ing Coinbase’s announce­ment, $BDP expe­ri­enced a sig­nif­i­cant rise in price from a low of around $0.0674 to a high of $0.1313 as at the time of this press.

This rep­re­sents a 95% increase in the price of the token. Sim­i­lar­ly, at the time of this press, $MITX has also record­ed a 121% hike in price from a low of $0.0149 on 10 April to a high of $0.0329.



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *