When big crypto institutions start buying into a token, you might as well know that something is really serious about the token. The same thing is happening to the Coin98 token, which many big organizations are going after.
DWF Labs, a global digital asset market maker and multi-stage web3 investment firm, splashed a good amount of money while making investments in the Coin98 token, and it has been in the mouth of the crypto community for days now.
What is the Coin98 Token About?
Coin98 is a token and a DeFi protocol that plans to achieve better liquidity and price stability than automated market makers (AMMs). They plan to reach their milestone by adding a unique proactive market maker (PMM) algorithm to their ecosystem. Since their unveiling to the public, Coin98 has really grown massively. The same thing applies to the Coin98 price. It has been increasing to new levels.
Apparently, the PMM algorithm the Coin98 project wants to integrate into their ecosystem works differently from what many people have seen. This new type of algorithm adopts the same senses as humans and can use already programmed human behaviors to collect accurate asset market prices.
Additionally, they plan to improve these further using oracles. When this is done, there are many advantages traders are set to gain from the new integrations from Coin98.
Their PMM algorithm will always ensure enough liquidity behind the prices they provide to stabilize the liquidity providers' (LP) portfolios. Another benefit is that the issue of temporary drift will be eliminated by adding arbitrage trading as a reward. Additionally, price drift will be removed.
Coin98 Price Update
On the other hand, the Coin98 price isn't doing that badly in the market. At the time of writing, Coin98's price is currently at $0.166, which has been increasing in the past 24 hours by more than 18%. This is huge but unsurprising, considering the huge investment DWF Labs made.
The token has increased by nearly 19% over the past seven days and more than 11% in the past month. This is huge for the crypto project, and many investors will expect more increases from the token.
In other metrics, Coin98 has done well too. At the time of writing, the token is the 254th largest crypto token by market capitalization. Also, in the number of transactions volume in the past 24 hours, the token is the 34th among other cryptocurrencies.
Analyst Says Coin98 Might Reach $1
According to one analyst on the X platform, Team LAMBO @TehLamboX, the weekly resistance of Coin98 will be crucial in determining if the token is moving to the $1 mark. Team LAMBO pointed out some things he feels will be crucial for any breakthrough.
"$C98 at the weekly resistance. This has corrected 98% from the top and now looking to breakout. 0.20$ the downtrend will end, keep an eye on this one. My target will at least be 1$. Major Trendline getting Weaker, expecting Breakout Soon," he said.