The cryptocurrency whose value has soared by 80% has been named

Editor’s note: not financial advice!

The value of the little-known cryptocurrency DODO soared by 80% in a day after Binance launched the DODO/USDT futures contract. Online data shows that within 24 hours of Binance 's announcement, activity on the DODO network jumped to a 7-month peak. This momentum laid the groundwork for the price rally that followed.

After Binance’s announcement, the number of active DODO addresses increased by 290% in a day, from 54 to 209. However, even when the price corrected by more than 25% from its peak of $ 0.17, the number of active addresses did not decrease, but rather reached 439.

After yesterday’s close of $ 0.13, the price of DODO gradually dropped to $ 0.11, and it is trading like that at the time of writing. However, many network participants remain confident that the rally will continue.

According to IntoTheBlock, market participants placed orders to sell 11.7 million tokens and buy 8.1 million. When the number of active sell orders exceeds market demand, it signals that the asset is on the verge of a correction. In the coming days, the price of DODO is likely to approach $ 0.10.

Dodo is an algorithmic liquidity provider that uses a unique Proactive Market Maker (PMM) mechanism to maintain price stability. This week, the platform’s native token has attracted the attention of investors, demonstrating impressive growth amid a virtually stationary crypto market.