Amid the current crypto correction driven by heavy whale liquidation, which resulted in around $1 billion in total leveraged liquidations, the Usual token (USUAL) emerged as an outlier with a 33 percent growth in recent 24 hours to trade around $1.46 on Friday during the early European session. The recently launched altcoin has attracted the attention of more cryptocurrency traders following listing on major cryptocurrency exchanges led by Binance.
According to the latest market data, the Usual token had a volume-to-market cap ratio of around 222 percent, after reaching a fully diluted valuation of around $6.3 billion. The highly liquid altcoin has attracted over $1.2 billion in total value locked (TVL), through its USDO Stablecoin.
Why regular protocols are very important
The Usual protocol debuted as a secure and decentralized fiat stablecoin issuer, redistributing ownership and governance through the USUAL token. The Usual protocol aggregates the growing RWA industry of leading entities led by BlackRock, Ondo, Mountain Protocol, and Hashnote, among others.
Earlier this week, Usual protocol announced a strategic partnership with Ethena and BUIDL by Securitize to unlock higher returns in the stablecoin industry.
What’s next?
The mid-cap altcoin has been rising in recent weeks, but the short time frame suggests a possible correction on the horizon. With just 12.37 percent of the USUAL token in circulating supply, the altcoin faces increased potential selling pressure as airdropped holders look to turn a profit.
From a technical analysis standpoint, USUAL price has been forming an ascending wedge as the daily Relative Strength Index (RSI) sits in overbought territory above 90 percent. Amid increased greed for the USUAL token, a possible correction could push the altcoin towards the support level around 65 cents.
Fountain:
