/ BENQI (QI) rockets +244% in 7 days! Explore the surge of this decentralized liquidity market on Avalanche. Breaking down the reasons behind the parabolic rise.
Author: Nilesh Hembade.
Date: 11 Dec 2023, 14:47 PM IST
In a remarkable turn of events, BENQI (QI) has experienced an impressive surge in the cryptocurrency market, capturing the attention of investors and enthusiasts alike. Over the past 7 days, the QI token has exhibited an extraordinary upward trajectory, marking an impressive +244% increase in its value.
As of the latest update, the QI token is actively traded at $0.02908, reflecting a monumental surge of +119.14% in the last 24 hours alone. This surge is accompanied by a substantial market capitalization, currently standing at $122 million.
BENQI, the driving force behind this crypto spectacle, is a decentralized and non-custodial liquidity market. It also serves as a liquid staking protocol, operating seamlessly on the high-speed Avalanche smart contract network.
Factor Behind the BenQi Token Surge:
The pivotal factor behind the surge of the BENQI token lies in its decisive breakout from a significant resistance level. This breakthrough occurred on December 7, specifically at the price level of $0.0091. Following this breakthrough, the price of BENQI soared to a remarkable high of $0.037.
Investors and market analysts are closely monitoring this parabolic surge, seeking to understand the underlying dynamics and implications. The strategic utilization of the Avalanche smart contract network, coupled with the unique features of BENQI’s decentralized liquidity market, appears to have contributed significantly to its recent success.