Amp cryptocurrency experiences a significant decline, reflecting trends across altcoin markets this year.
Current Price Statistics
Currently, Amp is priced at $0.0033, over 77% less than its peak level reached in November last year. Its market capitalization has decreased from over $965 million to $283 million.
Reasons for the Price Drop
The price drop for Amp may be linked to a decline in the total value locked on Flexa, which fell from $295 million year-to-date to $20.8 million. Activity on the Flexa network is critical for Amp, as the token provides the collateralization mechanism that underpins the platform.
Recovery Potential and Predictions
Despite the current decline, on-chain data suggests that whales continue to accumulate Amp tokens. Addresses holding between 10 million and 100 million tokens now control 10.97 billion tokens, an increase of over 1 billion since February. Also, the significant decrease in the supply of AMP tokens on exchanges by 43% over the past 90 days may indicate a bullish trend. Technical analysis shows that Amp has formed a double-bottom pattern at $0.00306, potentially signaling a recovery.
In the current context, the price of Amp continues to fluctuate, and while current indicators point to some positive factors, risks remain. It is important to monitor developments and emerging trends in the market.
