Today, the prices of various altcoin projects have risen as a result of some developments. ICX, THORChain, Vires Finance, Neutrino System Base Token and Waves made huge leaps.
South Korean-origin altcoin rises with presidential elections
The native token of South Korean ICON blockchain Icon (ICX) has seen a 32.7% increase in the past 24 hours. It is seen that the reason behind this is that his crypto friend Yoon Suk-yeol won the presidency of South Korea. South Korean presidential candidate Yoon Suk-yeol has been officially elected the next president of South Korea.
Speaking at a virtual asset forum in January, as we reported on Somanews, Yoon established his forward-thinking stance on cryptocurrencies by promising to deregulate South Korea’s crypto industry. Yoon also promised to introduce some sort of legislation that would ensure that crypto profits from illegal activities are returned to their victims. Yoon minted his signature on Blockchain at a televised startup forum in December last year.
THORChain (RUNE) gains momentum with network update
The RUNE presence of the cross-chain decentralized exchange THORChain rose 34 percent in one day after the activation of synthetic assets on the network. Although it had some pullback at the time of writing, RUNE rose above $ 5.5 during the day.
Crypto synthetics or synths are derivative tokens of other cryptos pegged to the value of underlying collateralized assets such as Bitcoin (BTC) or Ethereum (ETH). Activation on the variant of THORChain went live earlier today and assets such as synthetic BTC (sBTC) and synthetic ETH (sETH) can now be traded on the network. THORSwap Finance highlighted the advantages of synthetic assets through a blog post on Thursday, noting that “synths are of great benefit to traders and arbitrageurs.”
There was an increase in value in these 3 altcoins
Despite the global headwinds, Waves, Neutrino and Vires Finance also increased with various developments. First of all, projects in the Waves (WAVES) ecosystem have managed to climb higher in terms of both price and total value locked (TVL) as they bring new impetus to interoperability with popular Blockchain networks. WAVES has experienced an 8 percent increase at the time of writing.
With the development in Waves, the Neutrino Token (NSBT), the management token related to Neutrino USD, the main stablecoin of the Waves ecosystem, has been on the rise. The NSBT price rose 10 percent, while the total locked value in the protocol rose from $379.7 million on February 22 to its current value of $1.15 billion. On the other hand, Vires Protocol also jumped in terms of TVL, raising it to $764.2 million. The VIRES price has also increased by 11 percent.