We all know that Ethereum is the king of DeFi. And while the network doesn’t have to prove its worth to maintain that position, it surprises people every day. A relatively unpopular token set a record a few days ago and showed the crypto market how successful DeFi can be.
What’s new at NU?
Two of the Layer 2 solutions that focus on private infrastructure on Ethereum, NuCypher and Keep Network, are getting closer to the merger event announced in June.
This is the first decentralized on-chain network hard fusion and the post-merger network will be called Threshold Network with a new token “T”.
But that’s not all. Recently the network did too notification that the first application that will be launched in the “T” network will be a unique, permission-free, decentralized packaged Bitcoin on Ethereum called tBTCv2. However, this did not help NuCypher attract attention and trigger price movements.
On October 15, the first anniversary of NuCypher’s launch, the NU token skyrocketed. During those 24 hours the price rose 374% and the next day it continued to rise and accumulate 430%. As a result, the futures partner network’s KEEP token also rose 126% in 48 hours.
A major reason for this is that the token was listed on the Bitrue trading platform on October 15th.
NU price table | The source: TradingView
The hype surrounding listings and anniversaries was so great that its effect can still be felt today. The on-chain trading volume is currently 67.8% of the total market capitalization of this token.
NU alone has outperformed the entire crypto market in the past 1 week and KEEP is following it. This shows how fast and massive the growth of DeFi space can be.
NU vs. crypto market | The source: Binance
But not all that glitters is gold, and NU was quick to prove it.
Everything in the blink of an eye …
… describes the speed with which “happy” investors come and go. All of this happened in just one day, with the number of active investors skyrocketing from an average of 118 to over 8400 investors. Network growth also increased in a similar manner.
Growth of the NU network | Source: Santiment
In addition, investors took this opportunity and more than 100 million NU were sold out in one day. That means more than 78 billion days have been spent long-term owners selling or moving their assets – all in just 24 hours.
Consumer age NU | Source: Santiment
However, this is not a cause for alarm, as it all happened in one day. Since then everything has been back to normal. Investors need to remember to stay away from NU as it is just a ‘light and then off’ coin that is not worth the investment.
Additionally, the network is at risk with whales holding more than 90% of its circulating supply of 687 million, making it very susceptible to a sell-off that leads to a collapse in the price of the token.
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According to AMBCrypto