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Highlights
- The WOO Network has a trading platform, besides staking options enabled by its DeFi exchange
- The WOO crypto is the linked token of the network, the price of which relies on multiple factors
- DeFi tokens can be as volatile as meme currencies, and investors must be extra cautious
The decentralized finance (DeFi) sub-sector within the blockchain-powered cryptocurrency universe is one of the top trends of this year. CoinMarketCap has listed over 500 cryptocurrencies as DeFi tokens.
The tokens are linked to a specific DeFi project like UNI with Uniswap and YFI with yearn.finance. One such token, WOO, has surged over the past 24 hours, with its trading volume up by nearly 300 per cent. Let’s get to know about the WOO crypto and its price prediction in the near-to-medium term.
What is the WOO Network?
WOO is a participant in DeFi through its WOOFi platform, besides having a trading platform WOO X. On WOOFi, users can participate in staking, lending and borrowing in crypto assets.
The WOO Network claims to be an enabler in multiple aspects including managing the liquidity of cryptos and facilitating trade at zero fees. WOO further claims to be a service provider to almost all stakeholders including professional crypto traders and exchanges.
Also read: Top 5 Web 3.0 crypto projects to watch
WOO crypto’s price
With a market cap of nearly US$740 million, the WOO crypto is one of the top 100 assets on CoinMarketCap’s listing (it hovers around the 100 mark). The WOO token is trading at approximately US$0.83 as of now, with an almost 25 per cent rise in price over the past 24 hours.
WOO crypto price prediction
WOO performed well last year and peaked at a value of US$1.6 in mid-November. As it entered 2022, its price was under US$1. For much of 2022, the price has remained volatile, fluctuating between US$1.2 and US$0.5.
Also read: Can Tectonic crypto hit $1 by 2025? TONIC token’s price prediction
By that measure, the WOO crypto would need a sustainable rally to touch US$1 again in the near term. But as the DeFi sub-sector gains more traction, tokens of DeFi protocols may find more backers, which may result in a sharp rally in some of the cryptocurrencies.
The WOO Network has a traditional trading platform as well as a DeFi platform for staking. If users back these attributes and create demand for the WOO crypto, the price may touch US$2 by the end of June 2022. A sustained surge may also help WOO crypto price breach US$5 by the end of 2022.
Where can you buy Woo crypto?
WOO crypto can be traded on the network’s WOO X exchange, besides other exchanges like Huobi Global and Gate.io.
Data provided by CoinMarketCap.com
Also read: Top 5 altcoins to watch in February
Viewpoint
DeFi tokens are finding patronage due to the feature that enables token holders to earn revenue without the need of liquidating the holding. DeFi platforms are competing with traditional crypto exchanges as well as the conventional financial world, arguably, where fiat currencies dominate.
Tokens of all such DeFi platforms are used within the networks for staking purposes. In many cases, the native token is also the governance token, which is used by holders to vote on critical matters. The long-term success of DeFi platforms will be the major driving force behind the prices of the linked token. But as is with Bitcoin or Ether, DeFi tokens are also volatile with little certainty of what’s coming.
