What's the Deal With Ballooning Bancor?

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Feb 18, 2021

Bancor has been flying up the altcoin ranks, with a +49% return the past 24 hours, and +98% the past week. Here are are some metrics that led to BNT being able to peak at $6.17 today:

Whale Address Numbers Rising

The amount of addresses with at least 100,000 BNT tokens was sitting at 61. It's climbed to 87 now, and was already scaling up prior to the price boom.

Dormant BNT Tokens Moving

Dormant tokens have been moving away from long-sitting addresses aggressively for 3 months. This dip in the average time dollars have been invested is a fantastic foreshadower for price rises.

Exchange Supply Dropping

Bancor supply began rapidly moving off of exchanges in mid-November (25% then, 15% now), and the inverse price correlation has been apparent.

Address Activity & Volume Exploding

Active addresses, volume, and social volume have all skyrocketed. Just note that when this last happened in mid-December, a price correction subsequently took place.

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Feb 18, 2021

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Assets from this insight

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$ 3.67

19.13%in last 7d

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4 months ago

TVL has gone up more than 500% YTD, see https://defipulse.com/bancor. Probably because they recently resolved the impermanent loss problem, See https://docs.bancor.network/getting-started/the-v2-difference: "Bancor v2.1 is designed so that a liquidity provider always gets back the same value he/she originally deposits plus trading fees through a novel concept called Impermanent Loss Insurance." Looks like there's much more in store: if they continue on this TVL growthpath they will surpass leading dexes like Sushiswap and Uniswap in 2 weeks time. Marketcap thus price reflects TVL and could easily quadruple the coming weeks if TVL keeps growing so rapidly.