MENSA, the native token of the Mensa Protocol, a decentralised lending platform, has joined the bull run with 207% gains in 24 hours
Mensa Protocol (MENSA) has risen sharply in a day and looks poised for further growth. Decentralised finance (DeFi) tokens tend to do well and MENSA seems to be taking the lead. It could be a strong bet for investors looking for a new token. The bull rally has just started for MENSA and the coin could possibly double from here if the momentum continues. The MENSA token is changing hands at $1.15 at the time of writing.
How & where to buy Mensa Protocol in the UK and elsewhere
You will need a trading account in order to purchase cryptocurrencies. To register an account, simply click on the join now or sign up button on the site and submit a username, password and email address. Most reputed platforms will also require you to complete a Know Your Customer (KYC) process to verify the account. At this stage, all you need to do is fund the account and start trading.
You should avoid using decentralised exchanges as these are not regulated and the risk of fraud is higher on such platforms. We’ve researched the market and selected two of the best platforms where you can trade with ease.
What is Mensa Protocol?
Mensa Protocol is a decentralised lending platform that allows users to borrow or lend multiple crypto assets with ease. The MENSA token is used within the ecosystem as a reward currency and also for governance purposes. The maximum token supply is fixed at 200 million. The protocol is built on the Fantom chain and allows the staking of MENSA tokens while penalising early withdrawers through a capital gain tax. The protocol also rewards holders with various redistribution mechanisms.
The DeFi space is currently crowded but MENSA claims to make the process easy for its users. The short term tax penalty might encourage users to stay engaged with the platform for a longer period.
Should I buy MENSA today?
MENSA is currently enjoying a bull rally and early adopters could hope for another double from the current price levels. Below is the daily chart for MENSA that shows a strong rise fuelled by bullish momentum. The price is still low as compared to other popular tokens in the DeFi space and MENSA could be a good bet for investors looking for an innovative new DeFi platform.
MENSA daily chart. Source: CoinMarketCap
This article is informational only—none of the contents should be construed as financial or investment advice.