RingFi’s token, RING, has shaken the crypto market by surging more than 202% in the past 24 hours as the rally continues.
At the time of writing, RING traded at $13.45, up 202.44% over the last 24 hours. It reached a daily high of $13.84 and a daily low of $3.48.
RingFi’s 24-hour trading volume is $935,504. Its market capitalization and circulating supply have not yet been disclosed.
In this article we explain why RingFi’s RING token price is rising today.
What is RingFi?
Before we dive into the reasons behind the token’s surge, it is important to clarify what RingFi is.
In short, RingFi is a decentralized finance (DeFi) protocol built on the BSC network. It allows token holders to earn yield farming rewards in a simplified way. Its native token is called RING.
The RING token uses a rebasing mechanism, where its circulating supply is adjusted according to the token price. This system rewards holders at a rate of 0.02362% every 15 minutes.
It is important to note that rebasing can sometimes affect how the token appears on charts.
Why is the RING token price soaring?
One primary reason for RING’s dramatic rise today is its recent listing on CoinMarketCap.
Another likely contributor to the price spike is a series of YouTube videos that were published in quick succession about the RingFi project. Those videos have drawn investor attention and helped increase trading volume as participants rushed to buy and trade RING.
Currently, RingFi has more than $275,000 in liquidity on PancakeSwap.