The native token of a decentralized finance (DeFi) protocol surged by more than 50% on Monday as one crypto whale pounced on the asset.
TrueFi (TRU), a DeFi protocol that supports uncollateralized lending, shot up from trading around $0.0692 on Monday to a high of $0.1039 later in the day.
The Ethereum (ETH)-based DeFi altcoin has since retraced to around $0.0841 at time of writing, though it remains up 19% in the past 24 hours.
The blockchain-tracking firm Lookonchain notes that a whale bought 7.32M TRU worth about $500,000 from top crypto exchange Binance. The whale has purchased a total of roughly 22.1 million TRU worth about $1.785 million from Binance in the past six days, according to Etherscan.
TRU has pumped this month amid news that Binance has been minting hundreds of millions of dollars worth of the stablecoin TrueUSD (TUSD). Earlier in February, the New York Department of Financial Services (NYDFS) directed the New York-based crypto company Paxos to stop minting the stablecoin Binance USD (BUSD).
The TRU price jump could, however, be a result of confusion: It appears TrueUSD doesn’t appear to be owned anymore by the company behind TruFi, Archblock (previously known as TrustToken).
Rafael Cosman, the co-founder of Archblock, explained in an announcement in 2020 that ownership of TUSD was “moving over to an Asia-based consortium that will be working with Tron to develop and grow the product.”
Generated Image: Midjourney
Sourced from cryptonews.net.