The cryptocurrency market is swimming in a sea of red today. However Mirror Protocol has bucked the trend, almost doubling in 24 hours. So what is MIR?
Mirror Protocol (MIR) trades at $5.6820 after exploding higher in a burst of buying activity.
Despite negative sentiment across the board, Mirror Protocol has bucked the trend and this morning traded as high as $7.365, gaining more than 95% from yesterday’s low. The move saw almost 5x times the 20-day average volume change hands in 24 hours
Traders point to a Gemini exchange listing and the protocol’s V2 testnet upgrade as potential triggers for the explosive price action.
What is MIR?
MIR is the native token of Mirror Protocol. The protocol, which is based on the Terra blockchain, creates fungible tokens called ‘mAssets’. The tokens replicate traditional financial assets, enabling investors and traders to gain price exposure via a decentralized platform.
Since its launch in December 2020, the Mirror Protocol has gained popularity and steadily grown its Total Value Locked.
According to CoinTelegraph, the project currently has a TVL of around $1.8 billion.
It’s still early days for MIR but the offering is likely to have broad appeal. The tokenisation of equities, commodities and other trade-able assets is a natural progression.
However, MIR holders will be point to it’s positive performance in the current negative climate.
For now, the best course of action would be to follow MIR’s performance in the coming weeks and months. Cryptocurrencies are experiencing extreme levels of volatility, and the near-term outlook is mixed at best.
However, if MIR can deliver it may well be one to watch for the future.