Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
The token’s price hit a new all-time high.
ByDimitar Dzhondzhorov
The cryptocurrency market appears to have taken a small step back today (August 26) after the explosion in the past several days, with Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many other digital assets posting minor losses.
However, this is not the case for Rain (RAIN), whose valuation rocketed by 20% on a 24-hour scale. Check out what triggered the rally and the next potential targets.
The Kept Promise
RAIN is the best-performing top 100 cryptocurrency today after rising to a new all-time high of almost $0.02 before slightly retreating to the current $0.0176 (per CoinGecko). Its market capitalization has increased to roughly $12.5 billion, making it the 13th-biggest digital asset.
The main catalyst for the uptrend seems to be the team’s decision to burn $108 million worth of the token – exactly as requested by the community during the first DAO governance vote.
The burning effort caught the attention of multiple industry participants. X user Route 2 FI claimed Rain Protocol is building the infrastructure layer so that anyone can make markets for anything, adding that they have invested in the project.
Another factor that may have positively impacted the price is the fact that the altcoin has recently become available on HyperliquidX. “A decentralized exchange purpose-built for trading, with the order book fully on-chain and fills settling into your own wallet. Permissionless protocol, permissionless venue,” the X post reads.
According to AltcoinSherpa, the development should help RAIN’s overall trading volume, arguing “there’s a lot of backing for this project.”
Source: cryptopotato.com