Maple Finance token shows significant growth, reaching its highest price since November last year. Key factors include the increase in assets under management and rising demand for alternative assets.
Token Price Surge
The price of Maple Finance (SYRUP) token increased by over 8% on June 16, representing a 512% rise from its lowest point this year. The token's market capitalization surpassed $600 million, while its 24-hour trading volume soared by 74% to $90 million.
Increase in Assets Under Management
The assets under management in the Maple Finance ecosystem have significantly increased. Currently, they amount to $2.23 billion, just weeks after crossing the $2 billion mark. According to DeFi Llama, the total value locked on its platform surged to $1.6 billion from $298 million in January, marking a 433% increase.
SYRUP Token Price Analysis
The 12-hour chart shows that the price of Maple Finance has been on a strong upward trend, rising from $0.087 in April to $0.5340. It has moved above the key resistance level at $0.4590, which is expected to pave the way to the next psychological mark at $0.5500.
The current growth of Maple Finance token price, along with the increase in assets under management and demand for alternative assets, could contribute to further bullish momentum. However, the risks associated with rising exchange balances must be taken into account.
