Over the past few weeks we have revealed a new player on the chain BOND. According to data from Santiment, BarnBridge’s native token has: revealed significant price action – both on the charts and the chain.

Moreover, since On July 15, the price of BOND token has increased by more than 200%. Exchanging hands for $21.24 at the time of writing, how did things go differently with this token?

BOND on a mission

Since July 15, BOND has shown a huge price increase. On July 15, the price was set at $3.23. However, in the past 11 days, the price of the token has increased by 291%. At the time of going to press, the token switched hands for $20.98.

Growing more than 557%, the token’s market cap increased from $22.66 million to $149.66 million in the said period.

With the price increase in the reporting period, trading activity for BOND also increased significantly. At the time of going to press, trading volume was reported at 155.15 million, up more than 80% in the past 11 days.

Source: Santiment

Still, in an uptrend, data from CoinMarketCap revealed a 21% increase in BOND’s price in the past 24 hours.

On the daily chart, the token’s Relative Strength Index (RSI) has been in an upward trend since July 14. At the time of printing, this key indicator was pegged at 79.68.

Similarly, the token’s Money Flow Index (MFI) was parked in the heavily overbought region of 93.45. With these indicators in an uptrend in recent days, there is significant accumulation of the tokens underway hence the price growth.

However, it is pertinent to point out that the RSI and MFI are in strong overbought positions, and it is not uncommon for this to be followed by a sharp price correction.

Source: TradingView

Activity levels in the chain

Santiment revealed a growth in the token’s on-chain activity along with its price. The index for the unique addresses that traded with BOND during the reporting period also grew by 51%.

At the time of going to press, there were 109 active addresses on the network on a daily basis. This statistic rose to a high of 606 addresses on July 23. In addition, the growth of new addresses on the network shot up by more than 800% during the reporting period.

The total number of tokens involved in all transactions completed during the reporting period peaked at 9.66 million on July 16. After that, it started to decline and was pegged at 566,000 by press time.

Source: Santiment

In addition, BOND’s Mean Dollar Invested Age (MDIA) has been trending downward since July 15. When a token’s MDIA slope decreases, it is usually an indication of a bull run on the token.

This has been the case in the case of BOND in the past 11 days. Interestingly, holders of 100 to 100,000 BOND decreased their holdings as the coins pumped. But, unbeknownst to this category of investors, the currency kept pumping anyway.

Source: Santiment

This post BarnBridge’s BOND Wins 200% – Here’s Why You Should Care

was published first on https://ambcrypto.com/barnbridges-bond-gains-200-heres-why-you-should-care/


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