LEVER price pumped on Sunday as demand for the fast-growing DeFi token jumped. It rose to a high of $0.0035, which was the highest level in months. It has jumped by more than 220% from the lowest level in November this year, giving it a market cap of over $40 million.
LeverFi token pumps
LeverFi, formerly known as RAMP DeFi, is a DEX platform backed by Torchlight Ventures, ParaFi Capital, Arrington XRP Capital, and IOST. It is a permissionless platform that is packed with innovative features like transparency, flash-crash resistance, and advanced trading features.
LeverFi’s main feature is that it makes it possible for people to trade with up to 10x leverage. All trades are done within the Lever platform and all fees generated go to xLEVER holders. According to its platform, LeverFi has a total value locked (TVL) of more than $109k, making it a relatively small platform.
LeverFi also has lending features that make it possible for people to borrow key stablecoins like US Coin, Tether, WBTC, and WETH. Lendes earn interest by lending funds to traders by depositing funds into their lending pools. Further, LeverFi routes trades through multiple DEXs for optimized asset pricing and low slippage.
LEVER price rose as investors waited for the upcoming Trader Incentives Program that will start on Tuesday. The company will provide 60,000 USDC to potential winners. The only eligibility is for users to trade a minimum of $100.
Another likely reason why LeverFi price jumped is the ongoing transition to DeFi networks following the collapse of FTX. Most analysts expect that more people will continue shifting their funds to DEX platforms, which are seen as being much safe.
LEVER price forecast
The four-hour chart shows that the LEVER price has made a strong bullish momentum in the past few days. It jumped to a high of $0.0035, which was much higher than the lowest level this year. As it rose, it moved above the important resistance level of $0.0025. It moved above all moving averages while the MACD has moved above the neutral level.
Therefore, LeverFi price will likely decline as the pump and dump unravel. If this happens, the next key level to watch will be at $0.0025.
