Defi Coin (DEFC) Nears $0.50 as It Leaps to 352% Increase
Timothy St. John • 2 min read
Cryptocurrency token Defi Coin (DEFC) is one of the top earners today, outperforming most other cryptocurrencies as it nears the $0.50 mark with a rate of $0.4853. Today’s increase of 352% is the largest gain this crypto has ever had.
Why Is Defi Coin So High Today?
Just yesterday we told you about MetaPay (METAPAY) shooting past the other cryptos to become a top earner for the day with an increase of 906%. Today, it’s down 85%, which is giving other cryptos a chance to shine. There was no way those kinds of gains would be sustainable, even if it has managed to mostly hold onto its gains.
What we have seen from Defi Coin is not quite as impressive, but it is a major step toward the very important $1 mark. If this coin reaches that level, it could enter the mainstream. Defi Coin is currently ranked #3,851 on the crypto market, very far away from breaking into the mainstream. Moving past $1 would make it significant, though, as Dogecoin (DOGE) famously worked toward that mark for a long time to much public interest. Dogecoin is still far from that level, though, sitting at $0.1273 (DOGE/USD) today.
What’s causing Defi Coin to spike today and move far beyond where it has been in the past? It’s actually achieving today what is nearly an all-time high for this coin and coming out of a long rate decline. The overall market is down, with Bitcoin (BTC) declining 2.64% and Ethereum (ETH) down 2.40%, to give you an idea of how the market looks. The rest of the market is seeing similar numbers and an overall decline.
As best as we can determine, Defi Coin is experiencing an artificial inflation, as its market cap is very low- as $227,000. It wouldn’t take a lot to boost the price, and a couple of crypto whales could do that if they put their minds and finances to it.
What to Know about DEFC?
Defi Coin is a relatively new crypto, launching just before the end of last year. The coin is designed to be community driven and to create liquidity from each and every trade. It is only available on a few exchanges right now and offers pooled liquidity that is automatically generated.
Those who hold Defi Coin tokens are issued rewards without having to spend their tokens. This incentivizes investment and holding onto coins rather than selling them off. Supposedly, the balance can continue to grow as long as they hold the coins.
The plan for this token is to release an NFT marketplace, but that hasn’t been launched as of this writing.