RingFi's coin, RING, has shaken the crypto market by rallying over 202% in the last 24 hours as the rally continues.
At the time of writing, RING was trading at $13.45, up 202.44% in the last 24 hours. It has hit a daily high of $13.84 while its daily low is $3.48.
RingFi’s trading volume in the last 24 hours is $935,504. Its market cap and circulating supply are yet to be provided.
In this article, we shall shed some light at behind the scenes causing RingFi's RING coin price to skyrocket today.
What Is RingFi?
Before delving into why the coin is rising, it is important that we first explain what RingFi is.
In a nutshell, RingFi is a decentralized finance (DeFi) protocol built on the BSC network. It allows token holders to earn yield farm in the easiest way possible. Its native token is denoted as RING.
The RING token is powered by rebasing, where its circulating supply is adjusted with respect to the token price, rewarding users with 0.02362% every 15 minutes.
It is important to note that Rebasing sometimes can affect the look of the token on the chart.
Why is the price of the RING coin soaring?
One of the main reasons why RingFi price soared to the moon today is its recent listing on CoinMarketCap.
The other possible reason that could also be contributing to the price jump is the various YouTube videos that have been published in quick succession concerning the RingFi project. The videos have certainly attracted the attention of investors thus contributing to a rise in its trading volume as investors rash to trade and acquire the RING coin.
Currently, RingFi has more than $275k in liquidity on PancakeSwap.