Maple Finance Token Soars Amid Booming Network Performance
Maple Finance’s token, SYRUP, has seen a substantial rise, hitting its highest point since November last year. It reached $0.3490, marking a remarkable 287% increase from its year’s lowest point. This surge has lifted its market cap to $374 million.
The token’s value shot up amid high trading volumes, with 24-hour volume hitting $150 million. This jump was fueled by an increase in the total value locked in the network, now at $1.17 billion, up from $250 million this year.
TokenTerminal reports that Maple generated over $600,000 in revenue in April, nearly double the previous month. Active loans on Maple have also climbed to a record $692 million.
SYRUP’s value received a boost from new exchange listings. It was added to dYdX, Binance, and Bitget. Maple offers a decentralized platform for verified lenders to provide capital to institutions. It launched the BTC Yield product, allowing bitcoin holders to earn returns.
The eight-hour chart indicates SYRUP is in a strong uptrend, with recent breakthroughs suggesting bulls are in control. However, with the Relative Strength index at 75, a short-term pullback to the $0.20 support level may occur before the broader bullish trend continues.
