Why did Unifi (UNFI) crypto jump over 110% in one month?

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Why did Unifi (UNFI) crypto jump over 110% in one month?

 Why did Unifi (UNFI) crypto jump over 110% in one month?
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Highlights:

  • The UNFI token can be traded on crypto exchanges like Binance, KuCoin, etc.
  • It returned over 111% gains in the last 30 days.
  • The token's highest price was US$39.25 in the last 30 days.

The Unifi Protocol DAO (UNFI) crypto gained traction after it announced on June 7 about launching a "massive upgrade".

They said that they have voted on an upgrade to its multi-chain infrastructure and decentralized finance (DeFi) ecosystem.

However, its price plunged more than 4% in the last 24 hours, while its one-day volume plummeted over 23% on Tuesday morning.

Now, before we discuss further let's understand what UNFI crypto is:

What is Unifi Protocol DAO (UNFI) crypto?

Unifi Protocol DAO (UNFI) describes itself as a revolutionary approach in the DeFi space, that focuses on introducing modern technology in the financial world. Launched in 2020, it employs innate security and decentralized features of blockchain technology along with the automation of smart contracts.

The network provides its users with the ability for developing decentralized finance solutions for their enterprises.

Unifi Protocol DAO aims to combine the features of various blockchains while relying on the foundation of Ethereum decentralized applications (DApps) and DeFi development. Besides, it focuses on bringing interoperability to the DeFi space by enabling the users to access multiple blockchains and a versatile token, UNFI.

The UNFI token is available for trading on several major crypto exchanges like Binance, MXC, KuCoin, etc.

In the previous upgrade announcement, the Unifi Protocol said that it would see some major changes in its ecosystem with the rolling out of its rewards token, UP. On June 24, the Unifi Protocol said that its UP token is "just built differently".

On July 1, it said that its UP v2 is a perfect token for sustainable returns in DeFi. It has also released a video on it showcasing the advantages of the token.

In addition, the Kraken Exchange announced to list the UNFI token on its platform on July 1, along with three other tokens. These developments could have helped in the recent gains of the UNFI token.

Unifi Protocol DAO (UNFI) price and performanceData Source: CoinMarketCap.com

Bottom line:

The UNFI token was priced at US$5.46 at 10:53 am ET on July 5, down by 4.60%, while its volume for the trailing 24 hours plummeted 23.76% to US$41.39 million. It has a market cap of US$23.98 million and a fully-diluted market cap of over US$54.56 million.

The token has a maximum supply of 10 million, a total supply of 8.62 million, and its current circulating supply is more than 4.39 million. It returned gains of 14.31% in the last seven days while increasing 111.36% in the last 30 days.

The UNFI crypto saw the highest price of US$39.25 and the lowest price of US$2.48 in the last 30 days.

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