Why Is Cream Finance (CREAM) Crypto Price Surging?

The Cream Finance team posted an update on their official X account, which hints at various factors that could be driving the cryptocurrency’s price surge. Today alone the token has surged by 30%, and it has had more than 400% move from the end of February. The team highlighted several factors that could be contributing to the positive sentiment surrounding the project.

Firstly, they emphasized that the project did not undergo a venture capital (VC) raise, which is often seen as a positive sign in the decentralized finance (DeFi) space. Many crypto enthusiasts prefer fair launches without significant VC involvement, as it aligns with the ethos of decentralization.

Secondly, the team mentioned that the token supply was distributed through a fair launch, further reinforcing the project’s commitment to decentralization and transparency.

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Thirdly, the Cream Finance team revealed that they had burned over two-thirds of the token supply, which could be contributing to the price surge due to the reduced circulating supply and increased scarcity.

Another significant factor highlighted by the team was their response to the $140 million exploit incident. Despite the substantial loss, the team demonstrated their commitment to the project by giving up all team-allocated tokens to compensate the victims. Additionally, they returned $200 million to the affected users, a move that likely restored confidence in the project’s integrity and resilience.

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Furthermore, the team announced that Cream Finance had been listed on Binance, one of the world’s largest cryptocurrency exchanges. Listings on major exchanges typically result in increased liquidity, trading volume, and exposure, which can positively impact a project’s price.

Finally, the team mentioned that Cream Finance is “DeFi for Memecoins,” indicating their focus on providing decentralized finance services for meme-based cryptocurrencies, which have gained significant popularity and interest from the crypto community.

Technical Analysis Perspective

From a technical analysis standpoint, the price of Cream Finance (CREAM) appears to be continuing its upward trajectory after a four-day downward impulsive move. The cryptocurrency found strong support around the $67 level, which could have acted as a significant buying zone for investors.

Currently, the price is trading around $80, indicating a substantial recovery from the recent dip. Technical indicators and chart patterns suggest a bullish trend continuation, contributing to the overall positive sentiment and price surge.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.