Despite the fact that the crypto market has been trending lower over the previous 24 hours, digital collateral token Amp (AMP) has continued to rise.
Over the last 24 hours, AMP has gained 12.2 percent to $0.11, a gain of 12.2 percent. The cryptocurrency has gained 85.49 percent in a seven-day period. With a market valuation of $4 billion on June 15, AMP was the 28th largest cryptocurrency by market capitalization. The token was trading at $0.086 at the time of writing.
Here’s more about the 1200% hype since September
In decentralized finance, AMP is an Ethereum-based digital currency that is useds as collateral to secure transactions and decentralize the risk of asset transfer (Defi). AMP is a collateral token for Defi applications that secures smart contracts.
The price began 2021 at $0.006657, after first launching at $0.009559 in September 2020, but has since fallen. Despite the fact that it saw significant increases following the Coinbase IPO last week. This year, Amp has been a standout performer, rising from $0.03 to $0.10 in a matter of weeks.
Coinbase, Gemini, Bittrex, Flexa, SushiSwap, UniSwap, and a number of other centralized and decentralized exchanges are all partners with AMP.
Shopify’s recent announcement of broadening its payments capability to Facebook and Google merchants could be another huge boost for Flexa. Furthermore, Sheetz, a US food and retail chain, said last month that it will begin taking Bitcoin payments through Flexa’s services.
Amp’s native asset, according to the developers behind it, is a collateral token. It is meant to facilitate quick, secure transactions. A
Amp insures the value of any transfer as collateral while it is pending confirmation – a process that can take anywhere from seconds to hours to days.
When consensus for a given transfer is reached, the tokens used as collateral are normally released, making them available to collateralize another transfer.
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Source: https://coinpedia.org/altcoin/what-has-been-driving-amps-price-up/
