Highlights
- ORCA is the native utility token of Orca, a decentralized exchange on the Solana blockchain.
- On September 22, Orca secured US$ 18 million in a Series A funding round and its ORCA crypto has clocked an all-time high of US$ 12.3 per token.
- Orca aims to bring decentralized financial (DeFi) services to the masses.
The price of the ORCA crypto has surged by 115 per cent in the last 24 hours and it was trading at US$ 11.85 per token at 5 AM EST. In addition, the one-day volume of the cryptocurrency has surged by 253 per cent to $22,143,729, according to CoinMarketCap.
ORCA is the native utility token of Orca, a decentralized exchange on the Solana blockchain. The virtual currency caught investors' attention after Orca secured US$ 18 million in a Series A funding round.
The funding round was led by Polychain Capital, Three Arrows Capital and Placeholder VC. Meanwhile, other participants in the funding round were Coinbase Ventures, Solana Capital, Zee Prime Capital, and Sino Global Capital among others.
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Notably, this was a token funding round, which means that Orca sold its native ORCA tokens to investors from its treasury and the funding could be used by the decentralized cryptocurrency exchange to expand its team and platform's services.
What is Orca?
It is a one-of-its-kind DEX on the Solana blockchain and allows its users to swap assets, provide liquidity and earn yields.
Not only users but projects can also use the platform to integrate swapping or farming into their decentralized applications. Orca aims to bring decentralized financial (DeFi) services to the masses and provides easy and effective financial tools.
According to CoinGecko, the native ORCA token clocked an all-time high of US$ 12.3 per token on Thursday, September 23. This indicates a positive upward trend for the cryptocurrency as last month it had scored an all-time low of US$ 1.55 per token on August 10.
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ORCA token’s price prediction
The ORCA coin has surged by 121.5 per cent since the past week and this cryptocurrency will likely witness bullish momentum throughout this year due to the latest funding round.
If the bullish momentum continues, the ORCA token could reach US$ 18 by the end of 2021.
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Bottom line
As the new round of funding is expected to boost Orca's prospects, the DEX is expected to focus on its vision of making itself a capital-efficient and user-friendly AMM in the Solana ecosystem.
Since its introduction in February, Orca's growth has looked promising, and the protocol surpassed US$ 231 million in total value locked ever since the launch of its governance token.
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