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Highlights:
- Sphere Finance is a protocol aiming to revolutionize the DeFi space (decentralized finance) with an auto-staking mechanism.
- The SPHERE token returned over 78% gains in the last seven days.
- The token offers multiple capabilities and an attractive annual percentage yield (APY).
The decentralized finance (DeFi) sector is rapidly gaining ground in the cryptocurrency ecosystem. Some analysts point to a shift in investors’ focus from asset trading activities to exploring opportunities for passive income in the DeFi space.
One such crypto, Sphere Finance (SPHERE), has been on investors’ radar. Sphere Finance promises to take the DeFi space by storm. On Tuesday, the SPHERE token price jumped over 38%, with the trading volume surging around 91% in the last 24 hours.
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What is Sphere Finance (SPHERE) crypto and why is it rising?
Sphere Finance is a protocol aiming to revolutionize the DeFi space with its auto-staking mechanism. Powered by Polygon, Sphere seeks to simplify the staking mechanism.
SPHERE is the native utility token of the protocol. The tokens are automatically staked on the protocol. According to its whitepaper, it offers multiple capabilities and an attractive annual percentage yield (APY) of over 99,000%.
In addition, it claims the token provides a daily return on investment (ROI) of 1.910%.
All You Need To Know About Sphere Finance (SPHERE) Crypto
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Furthermore, Sphere Finance aims to make governance acquisitions easy for investors who receive the SPHERE token as dividends from their investments.
The project also claims to provide users exposure to a diversified portfolio of projects across chains through the token. Sphere finally plans to turn the protocol into a community-led model.
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The token’s latest price rally could be due to its innovative plans in the pipeline and bullish forecasts by an Youtuber. Its Twitter account has recently crossed the 20,000 followers mark, showing people’s growing interest in the project.
Also Read: Why is NEAR Protocol (NEAR) crypto rallying?
Source: *data provided by CoinMarketCap.com
Bottom line:
The SPHERE token was priced at US$0.08492 at 7:32 am ET on April 12, up 38.56%, while its volume for the last 24 hours jumped 91.62% to US$7.69 million. Its total supply is more than 5.22 billion, and its fully diluted market capitalization is over US$439.87 million.
It returned 78.58% gains over the past seven days while increasing by 1254.82% since March 21, 2022 (oldest data available on CoinMarketCap.com). The token is currently trading at its all-time high on April 12.
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