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Here’s why Orbs (ORBS), Uma (UMA), 0x Protocol (ZRX) are rising

source-logo  invezz.com 17 October 2023 12:44, UTC

Amidst the dynamic landscape of the cryptocurrency market, Orbs (ORBS), Uma (UMA), and 0x Protocol (ZRX) are garnering significant attention due to their recent price surges.

Distinguished by their unique functionalities and market activities, these tokens have captured the interest of investors and enthusiasts alike. From strategic deposits to decentralized exchange adoption, each asset’s upward trajectory underscores the growing momentum in the world of blockchain and decentralized finance (DeFi). Here are the factors fuelling these three tokens to rise.

Orbs (ORBS) surge amidst major exchange deposits

Orbs (ORBS) token has seen an impressive 144.32% increase in value over the past month, drawing the attention of investors and market enthusiasts.

Orbs price chart

The key driver behind this remarkable rally can be attributed to major deposits by DWF Labs, a market maker, to various exchanges.

According to data from Spot On Chain, DWF Labs has been actively depositing ORBS on exchanges like Bithumb, Huobi, and Coinone, with a total deposit of 116.467 million ORBS in the past week. This strategic move to accumulate and move tokens signals their intention to sell or trade, which often precedes increased trading volume and price volatility. Notably, another whale, address 0x5e4, has also deposited 31.17 million ORBS to OKX, further contributing to the bullish sentiment.

Uma (UMA) soars on high trading volume

Uma (UMA) is experiencing a surge, marked by a 13.26% increase in its price within a day.

Uma price chart

This remarkable price action is underpinned by substantial trading volume and market capitalization. UMA currently boasts a market cap of $110.9 million, ranking 184th by market capitalization, and a 24-hour trading volume of $105.7 million, securing the 36th position in terms of trading volume.

0x Protocol (ZRX) rises on decentralized exchange adoption

0x Protocol (ZRX) is making significant gains in the cryptocurrency market, with a 9.60% price increase in a single day.

0x Protocol price chart

0x Protocol is attracting attention due to its pivotal role in the decentralized exchange (DEX) ecosystem. The protocol allows for easy and secure trading of ERC20 tokens and assets across various blockchains without the need for centralized intermediaries.

The protocol’s popularity lies in its utility as an infrastructure protocol that enables the creation of decentralized financial contracts. Its unique governance token, ZRX, grants holders the power to influence protocol changes and community treasury decisions, contributing to the project’s growing success.

Developers find the protocol valuable for building web3 applications, such as wallets and DEXes, due to its open-source and flexible nature. Its decentralized design has powered over $200 billion in trading volume since its inception.

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