In the rapidly growing world of decentralized finance (DeFi), the cryptocurrency CREAM experienced a remarkable rise today. According to data, the altcoin has increased by approximately 90% in the last 24 hours. This rise in price can largely be attributed to the strategic move of Jeffrey Huang, also known as Machi Big Brother. Here are the details…
Why did the altcoin price rise?
DeFi is part of a crypto ecosystem that enables financial transactions without a central institution or intermediary. DeFi platforms allow users to manage their own assets and lend, borrow, provide liquidity and carry out other financial transactions. Cream Finance is also considered one of the leading projects in the DeFi world.
Users can contribute to the platform by staking CREAM tokens. This allows users to earn passive income and also reduces the supply of the CREAM token, causing the price to rise.
Machi Big Brother recovered 215,236 CREAMs from Cream Finance, equivalent to approximately $4.04 million, according to blockchain data provider Lookonchain. pulled. When Machi Big Brother withdrew its CREAM tokens, instead of immediately cashing them out, it opted for a different strategy. The investor contributed to Cream Finance’s liquidity pool by re-staking his tokens and locking them on the platform. This move helped the price rise.
The price of $CREAM surged by 60% today.
NEWS CONTINUES BELOWMachi Big Brother withdrew 215,236 $CREAM ($4.04M) from #cream.
Instead of selling it right away, he chose to stake it once more.
It appears that @machibigbrother holds a long-term bullish on $CREAM.https://t.co/yLS4TA1GkM pic.twitter.com/FBBT1x1s3H
— Lookonchain (@lookonchain) September 24, 2023
It is worth noting that Machi Big Brother has had a pretty big impact on the cryptocurrency market. Bored Ape played a significant role in the price fluctuations of Yacht Club NFTs, significantly influencing the base price of NFTs through large-scale sales and purchases of these digital collectibles.
You can follow the current price movement here.