For an entire year, the overall cryptocurrency market has been facing a very difficult situation. The industry has been struggling tremendously and things do not seem to be coming back to normal.
According to analysts, the bearish trend for the cryptocurrency sector is far from over. The industry is going to face yet another major downtrend in the future.
All major cryptocurrencies including Bitcoin (BTC) and Ether (ETH) have also faced the worst downfalls, suffered in the past 5 years. At the time of writing, the trading price of Bitcoin is around $19k, which is lower than the all-time high it had hit until January of 2018.
UNFI Undergoes a Significant Rally
While the overall cryptocurrency industry is stuck in a pickle, UNFI seems to have made its way as a high performer. The utility token of Unifi Protocol DAO seems to be undergoing significant growth.
During the dark times in the cryptocurrency industry, UNFI has appeared as a light for investors. Therefore, many investors have started joining the platform in hopes of making the most out of it.
This is the reason why UNFI has been able to post a strong rally. The report shows that UNFI has recorded a 200% rally in the past 24 hours.
Unifi Protocol DAO has been Around Since 2020
It is worth noting that the Unifi Protocol DAO has been around for more than a couple of years as it was launched back in 2020. The protocol shared its ambition of supporting the financial sector in the cryptocurrency universe.
It announced that it aimed to revolutionize the world of decentralized finance. The platform revealed that it wanted to achieve its goal with the incorporation of modern technology.
Despite being launched in 2020, the protocol ended up gaining huge success in the year 2022. This is quite phenomenal for the protocol yet compelling for the analysts to ask how the protocol has gained so much success all of a sudden.
UNFI’s Growth Due to the Rally and the Reason Behind it
Although the entire cryptocurrency market is facing a downtrend, UNFI continued experiencing a strong rally. This is the reason why UNFI had been able to experience huge growth in its trading price.
The report shows due to the rally, the trading price of UNFI had elevated from a low of $3.30 to a high of $36.99. Surprisingly, UNFI grew grown higher despite the negative predictions that were made by the analysts.
Right after the surge, the price of UNFI experienced a correction. The huge rally of UNFI was met with a strong selling spree. As a result of the plunge and strong selling, the price of UNFI came all the way down to $5.7.
This means that the long-term investors who had been holding onto UNFI for a long time made an opportunity for themselves. They invested a huge amount of money into UNFI and sold UNFI as its price went really high. They reportedly exited the market once they had achieved what they had acquired UNFI for.