OlympusDAO’s OHM token is experiencing profit-taking liquidation. Niche DeFi altcoin project OlympusDAO continued its downtrend early Monday morning after a series of profit taking and gradual liquidations. Details cryptocoin.com‘in.
This Defi altcoin is being sold
OlympusDAO’s “decentralized reserve currency” OHM fell 30.4% this morning. This niche crypto token was trading around $120 at the time of writing, according to data from CoinGecko. Since New Year’s Day, the coin has dropped 65% overall amid the overall crypto market’s downtrend to 2022. The token has fallen more than 90% since its all-time high of $1,415 in April 2021. Since its inception last year, the OHM token has made waves in the crypto community. This interest was primarily due to the platform’s staking rewards, as well as OlympusDAO’s unique design, which many have referred to as “ponzinomic”. According to Asia-based crypto correspondent Colin Wu, shortly before the last drop, these stake rewards were reported to have offered users up to 190,000%. Now, the rewards are 3,720%.
One of the main reasons for today’s collapse allegedly revolved around an influential trader on Twitter named “el sk” profiting from his important OHM position. An Ethereum transaction circulating on Twitter attributes this trader to the sale of more than $10.5 million in OHM for stablecoin DAI. According to Etherscan, the transaction took place on the decentralized exchange (DEX) SushiSwap at approximately 9 PM on Sunday. Beyond this big sale, data from DeFi project Rari shows a series of liquidations, most of which are for leveraged long-term trades at OHM. These liquidations also create significant selling pressure.
What is OlympusDAO? OlympusDAO is a unique crypto experiment where the token is backed by the value of the project treasury. Users can purchase discounted OHM tokens, called bonds, in exchange for DAI or other cryptocurrencies, including wrapped Bitcoin, or liquidity delivery tokens from other crypto exchanges.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.