Why DODO (DODO) crypto is catching investors’ attention?

May 30, 2022 12:16 AM PDT | By Manu Shankar

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Why DODO (DODO) crypto is catching investors’ attention? — Image source: © Alexanderushkevich | Megapixl

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Highlights

DODO (DODO) crypto is primarily a DeFi protocol for Web3, which promises to offer liquidity for users to trade in multiple assets.

On 30 May, the DODO crypto was witnessing a healthy rally of over 33% and a volume gain of over 600%.

The 632-ranked DODO crypto on Monday was trading at US$0.181062 with a 24-hour trading volume of US$13,84,28,809 over a day, according to CoinMarketCap.

DODO (DODO) crypto is primarily a DeFi protocol for Web3, which promises to offer liquidity for users to trade in multiple assets. Co-founded by Diane Dai, Radar Bear, DODO crypto with its Proactive Market Maker (PMM) algorithm, helps the liquidity providers and market makers to provide liquidity without onerous capital requirements.

The PMM model works similarly to a trader by utilising the oracles to gather accurate market prices for assets. The PMM pricing mechanism mimics human trading and operates oracles to collect precise market prices for assets.

Due to this, it reduces the slippage rates, stabilises the liquidity providers' portfolio, and reduces the chances of losses by allowing arbitrage facilities.

On 30 May, the DODO crypto was witnessing a healthy rally of over 33% and a volume gain of over 600%.

What makes DODO unique?

The DODO crypto is unique because it is DEX. It offers a wide range of products such as mining, staking, SmartTrade trading, etc. The SmartTrade allows the trader's other participants to get equal opportunity token distribution. Besides, liquidity mining offers a chance to the investors to earn DODO tokens as rewards whenever they stake the crypto.

The recent spike seems to be on the back of the O3 Cross-Chain Wallet partnership with the DODO protocol. This partnership is expected to yield fruit as it would give crypto enthusiasts access to liquidity sources from multiple networks at the best price.

The DODO token has been witnessing a good run on the market for some time now as, over the past week or so, it has amassed gains of 24.3%. The gains were on the back of completing the eleventh DODO buyback and distribution. The trading fees accrued on BNB Chain & Polygon were exchanged for 77,430 USDT, while 459,001 DODO tokens were bought back with a total of 70,654 USDT.

How is DODO crypto faring in the market?

The 632-ranked DODO crypto on Monday was trading at US$0.181062 with a 24-hour trading volume of US$13,84,28,809 over a day, according to CoinMarketCap. The crypto was up by 32.46% with a live market cap of US$2,00,16,808 with 11,05,51,965 DODO coins in circulation.

The rally in this DeFi token is also reflected in the total DeFi market cap, which was up by 7.49% on 30 May. While the investors will be pretty happy to see the momentum in the DeFi market, they will also be wary of the sudden change of fortunes that the crypto markets have witnessed of late. Therefore, investors should do proper market research before entering the space.

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