Cryptocurrency News

Great Time For DeFi Users As Assets Improve By Double Digits

You must have heard of the GameStop if you have been monitoring the crypto space for some time. It has been in a very inspiring and extreme rally of more than 1000% since the last two weeks. The GameStop stock, which trades under the ticker GME, is enjoying a remarkable turnaround that wasn’t foreseen by any market analysts or experts in the financial market.

Nonetheless, the brick-and-mortar video game company seems to be experiencing a slight reduction in the number of Wall Street fund managers and investors in the past few days. Likewise, smaller investors who played a significant role in the subreddit Wall Street Bets’ impressive rally have managed to squeeze out these holders, leading to a literal loss of money.

GameStop has no reason to panic amidst crisis

Despite the slight unimpressive turn out of events these days, the gaming company has no reason to panic. The GameStop business isn’t expected to suffer any visible or significant damage in the long run. Many crypto investors and analysts, who have seen the news about the company, are very confident the company’s performance won’t be affected in any way.

They believe this is more like an endorsement of decentralized finance, which is enjoying a pacy growth. The founder of a digital exchange platform Galaxy Digital, Michael Novogratz, was the first to share his thoughts on GameStop’s short squeeze by retail investors against Wall Street.

According to him, the retail investors’ action is a confirmation of DeFi’s highly improved value. In his post on Twitter, the GME squeeze is more intense and more profound than an ordinary contraction by a single individual.

He said many people are not interested in Citadel preying on their orders from RH. They aren’t interested in being part of a system geared towards improving already-rich individuals’ financial status. He believes the decision will further increase the importance of DeFi and its adoption by many crypto users.

DeFi Projects record jaw-dropping double-digit rally

Sharing his take on the decisions made by retail investors, a Well-respected DeFi investor, Qiao Wang, agrees with Novogratz’s sentiments. The resourceful cryptocurrency enthusiast believes it’s a good omen that investors will enjoy better trading platforms from henceforth.

Sighting Synthetix and Mirror are two protocols that permit users to get synthetic exposure to different assets without passing through the standard KYC security procedures. Sighting both crypto firms as references, the Chinese business mogul opined that the digital platforms should ensure that users have a secured trading atmosphere.

Meanwhile, it’s no longer news that the industry’s DeFi sector is doing exceptionally great despite Bitcoin and Ethereum’s weaknesses. The last 24 hours saw the sector’s market cap reached a total of $45 billion due to the impressive increase in the price of almost all DeFi coins.

As revealed by Messari’s data, Defi assets, including AAVE, UNI, SUSHI, and SNX, all rallied by double-digits. As it stands, Aave is sold at $247.26; UNI stays at $11.27, SNX is $15.96, while MKR and COMP are $1,410 and $223, respectively.

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