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Wing Finance (WING/USD) price went parabolic on Friday, become the best-performing cryptocurrency in the world. Its price surged by over 350% in about 24 hours and rose to the highest point since May 2021. According to CoinGecko, it has a market cap of over $99 million.
What is WING and why is it rising?
Wing Finance is a relatively small and fast-growing DeFi platform that supports cross-chain collaborative interactions between different DeFi products. It currently supports networks like Ontology, Ethereum, OKX Chain, BNB Chain, and Ontology EVM.
It is a credit-based, cross-chain lending platform that supports some of the biggest DeFi platforms in the world. Further, it offers a credit evaluation module that rewards users for developing good credit on the blockchain.
Wing Finance has over $89 million worth of assets in its platform. It has two main types of pools in the market: flash pool, NFT pool, and inclusive pool. The total WING locked is worth about $4.6 million while the total insure is about $8.67 million,
WING is the native coin for Wing Finance ecosystem. It is used for governing WING DAO, and provide incentives to other users. 80% of the total supply is released as liquidity incentives and the remaining 20% is kept in an Escrow account.
Wing Finance price is surging as investors move to DeFi tokens. Recently, most DeFi tokens like Uniswap, Maker, and Compound have all risen. Analysts believe that cryptocurrencies may have seen their worst days.
The coin is also rising after the recent AMA of WING DAO lead, Yuki. For example, in it, he addressed the decision to launch an NFT lending platform that allows people to borrow against their NFTs.
Another possible reason is that this is a wash sale. Wash sale is a period when people manipulate an asset’s price by opening multiple orders. Since there is no major news, this could be the situation. It could also be a pump and dump scheme.
Wing Finance price prediction
The four-hour chart shows that the WING price has been in a strong bullish trend in the past few days. A closer look shows that the coin’s volume has been steadily rising in the past few days. As a result, it has jumped above the 50-day and 25-day moving averages.
Therefore, I believe that the coin’s rally is not sustainable since the price will likely resume its bearish trend. If this happens, it could crash to as low as $30.