Can Bonfida (FIDA) crypto's volume surge enough to hook investors?

February 10, 2022 09:12 PM AEDT | By Manu Shankar

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Can Bonfida (FIDA) crypto's volume surge enough to hook investors? — Image source: © Alexanderushkevich | Megapixl

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Highlights

Developed by the Bonfida Foundation, the FIDA crypto is primarily a decentralised non-custodial exchange that is powered by the Solana blockchain.

Solana’s blockchain helps Serum to get 100% on-chain orderbooks, greater execution speed and at a lower cost.

On 10 February, the Bonfida token was trading at US$3.50 with a trading volume of US$154,172,990 over a day.

Developed by the Bonfida Foundation, the FIDA crypto is primarily a decentralised non-custodial exchange, which powered by the Solana blockchain. As an open-source protocol, Serum trading protocol connects users together with Solana’s data analytics to the field. Solana’s blockchain helps Serum to get a 100% on-chain orderbooks, greater execution speed and at a lower cost.

Besides, the Bonfida’s unique solution allows services such as providing a platform for NFT exchange on the Solana interface. The holders of the FIDA token also get voting rights on the future governance of the protocol.

On 9 February, the FIDA token was witnessing massive gains both in volume as well as price. The token saw a massive volume surge of over 3,000% and a price surge of over 55%.

Why is Bonfida crypto rallying?

FIDA’s rally seems to be on the back of the news of its partnership with Burnt Finance, which would allow the Solana users to verify their respective social media handles in a decentralised way. This would allow the potential buyers to perform their due diligence on NFTs in a seamless manner.

The token was also recently listed on the Coinbase exchange on 1 February, following which it has been able to get enough traction on its platform. In fact, over the past two weeks, it has seen gains of 87.2% and 38% in the past week, respectively, according to Coingecko.

How is Bonfida’s price faring?

On 10 February, the Bonfida token was trading at US$3.50 with a trading volume of US$154,172,990 over a day. At the time of drafting, the FIDA token was up by 60.64% with a tremendous volume rally of over 3,452.29%. The FIDA token has a live market cap of US $151,318,915with 44,729,964 FIDA coins in circulation.

FIDA crypto’s rally has been significant in many ways and now investors would be expecting that its rally would continue for some time. Along with the Coinbase listing, the Bonfida crypto is also listed on Binance, Mandala Exchange, FTX, Gate.io, and BingX. The Bonfida token offers 10% of the buy and burn to stakers.

The coming days would be an interesting one for the Bonfida token. Its Twitter handle has been teasing the enthusiasts that something big is on the cards this week, thereby creating a major flutter in the market. But as crypto market highly volatile in nature, it would be best to tread carefully.

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