DeFi
The price of mode (MODE) broke the record with an increase of 4,000%; Sell or HODL
MODE, the native token of Decentralized Finance (Defi) The Layer 2 network, called Mode Network, has made tremendous progress in recent days. Despite being new to the market, MODE price increased by over 4,000%, making it the most profitable cryptocurrency of the week.
What is more interesting is that crypto market was not entirely favorable to this period. The market faces continuous ups and downs, and even at fear and greed index still underlines the neutral sentiments of investors. So how has MODE been able to experience such growth in such a short time? Let’s discuss it in this blog.
Overview of rising fashion prices
The 4,000% increase does not represent the entire MODE, as it is not currently at the best price. MODE was launched just a week ago and instantly hit a high of $0.1177, the all-time high ATH for this cryptocurrency. While it is currently trading at $0.03836, which is almost a third of the all-time high ATH.
MODE was an instant success and gained a market capitalization of $48.77 million and a 24-hour trading volume of $5.68 million after a 3% increase from yesterday. Interestingly, MODE entered the market with a whopping total supply of 10 billion, and only 13% of them are in circulation, offering a large amount of tokens to its holders.
Reason behind the rise in fashion prices
The main reason behind MODE’s price hike was its listings on several crypto exchanges, including Bybit, Gate.io and many others. These lists brought the desired attention to this token and helped create a crypto community. Not only that, Mode Network has also managed to add several apps to its ecosystem and is growing all the time.
The Mode Network also focused on marketing the MODE token and gained millions of followers on the social media platform, which helped publicize the token. In addition, the initial airdrop of the MODE token has given a successful boost to this cryptocurrency.
At the time of MODE’s launch, the crypto market was also unstable and investors were focusing on newly launched cryptocurrencies like MODE to make quick gains in a slow market. This turned out to be the right decision, as the token is performing very well in the market. It now remains to be seen how the MODE price will then develop on the charts.