VVS Finance price has lost momentum in the past few days. The token is trading at 0.000023 USDT, about 47% below its highest level on record. That happened as the total value locked (TVL) in the ecosystem declined by about 7% in the past seven days to about $1.2 billion. MM Finance also overtook it, another DeFi platform built using Cronos.
VVS Finance is a relatively new and fast-growing DeFi platform built-in Cronos, formerly known as Crypto.org Chain. Its concept is similar to that of other DeFi platforms like Uniswap in that it lets users trade multiple coins and earn money by providing liquidity to its ecosystem. Members can also make money by staking the VVS token.
VVS has been in the spotlight lately because of its fast growth. Its total value locked (TVL) has jumped to $1.2 billion in less than three months. The most popular pairs among stakers are the CRO-ETH, CRO-WBTC, USDC-USDT, and CRO-VVS, among others.
It has also been in focus because of the upcoming Initial Gem Offerings in its platform for VersaGames. VersaGames is a game marketplace built-in Cronos ecosystem. Like other similar platforms, it will have features that let people trade their NFTs and play games. The IGO will take place in the coming days and could lead to more demand for Cronos. The past IGO in the platform of Single Finance was highly successful. Its Gem Fair sought to raise $250k and raised $1.2 million, while its warehouse sought to raise $250k and raised $10 million.
VVS Finance price prediction
The four-hour chart shows that the VVS price has been steadily downward in the past few days. It has fallen by about 18% from its peak level last week. It has also managed to move below the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) has been in a steady downward trend. Therefore, for now, the toke will likely continue falling like the rest of the cryptocurrency industry sinks. However, it will then rebound towards the Versagames IGO.