Amidst the ongoing crypto correction fueled by massive whale sales, which led to around $1 billion in total leveraged liquidations, the usual token (USUAL) emerged as a major outlier with a 33 percent growth in the last 24 hours ended up trading around $1.46 on Friday during the early European session. The recently launched altcoin has attracted the attention of more crypto traders after its listing on major crypto exchanges led by Binance.
According to the latest market data, the standard token had a size-to-market cap ratio of about 222 percent, after hitting a fully diluted valuation of about $6.3 billion. The highly liquid altcoin has attracted more than $1.2 billion in total locked-in value (TVL), through its USDO Stablecoin.
Why standard protocols matter a ton
The Usual protocol was discussed as a secure and decentralized fiat stablecoin issuer, which redistributes ownership and governance through the USUAL token. The standard protocol gathers the growing RWA industry from major organizations led by BlackRock, Ondo, Mountain Protocol, and Hashnote among others.
Earlier this week, the Usual protocol announced a strategic partnership with Athena and BUIDL with Securitize to unlock higher returns in the stable business.
What next
The mid-cap altcoin has been bleeding higher in recent weeks, but the short term suggests a correction may be on the horizon. With only 12.37 percent of the USUAL token in circulating supply, the altcoin has higher selling pressure as airdropped holders try to take profits.
From a technical analysis point of view, the price of USUAL has been forming a rising wedge, as the daily Relative Strength Index (RSI) is crossing overextended territory above 90 percent . Amid higher greed for the USUAL token, a possible correction could push the altcoin to a support level around 65 cents.
Source: https://coinpedia.org/news/usual-token-rises-33-amid-crypto-correction-whats-fueling-its-surge/
