INV, the native token for Inverse Finance, has registered a strong bullish trend during the past week. CoinGecko shows that INV has increased by around 38% during the past week. INV’s gains are commendable, given that the crypto space has either consolidated or dropped further below within the same period.
INV token pumps
The INV token has been on a bullish trend over the past week, which is notable given that most of the cryptocurrency market is still struggling at low prices. At the time of writing, INV was trading at $115, a slight dip, as it had reached a 24-hour of $160.
The overall sentiment across the crypto market is bearish, and while the selling pressure has slightly subsided, there is still a possibility of an INV dip if the bears resume. The token can only sustain the gains if there is still a bullish candle caused by developments in the Inverse Finance ecosystem.
INV is one of the few low cap cryptos with a high price. Despite trading at the above $100 levels. INV has a market cap of around $16 million and ranks as the 714th largest cryptocurrency by
77metric.
One of the reasons why this token could be gaining is because of the annual percentage yield (APY) offered on the DOLA stablecoin. The recent reports from Inverse Finance claim that the DOLA-3POOL APY was currently above 50% on Convex Finance.
INV could also be gaining because of its presence on leading exchanges. The token was listed on Coinbase earlier this year and has a presence on other top trading platforms such as Huobi. Such listings have helped the coin see high trading volumes that have helped drive value.
What is Inverse Finance?
Inverse Finance is a decentralized finance (DeFi) lending and borrowing protocol. The platform has also paid attention to stablecoins. Inverse Finance also says that it can offer passive income to cryptocurrency holders.
Crypto lender Celsius is a centralized platform because it does not give governance rights to users. Inverse Finance is a decentralized autonomous organization (DAO) that uses a native token that can be staked by users to vote on governance matters. The main DeFi protocol on the Inverse Finance DAO is Frontier, which uses a stablecoin that facilitates lending and borrowing.
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