The Orca (ORCA) has hit a purple spot lately. The token has consistently seen a rally of over 51% over the past two weeks and over 147% in the past week. Even on June 27, according to CoinMarketCap at 6:10 am (GMT +1), the token saw a rally of over 23.88% and volume gains of over 164%.
The ORCA crypto is one of the unique Auto Market Maker (AMM) protocols built on top of the Solana platform. Founded in 2021 and co-founded by Yaturo Mori and Grace Kwan, the ORCA platform offers users the ability to exchange assets and allows users to earn income through an easy-to-use interface.
Because it is based on the Solana protocol, the ORCA crypto has much lower transaction fees and is among the first AMMs to be launched based on Proof of Stake (PoS) consensus. With its seamless and intuitive user interface, the Orca token offers users a unique opportunity to transact.
Why is Orca crypto recovering?
While the exact reason behind Orca’s rally is still difficult to pinpoint, the rally could be largely on the back of the consistent rally it’s been experiencing over the past 14 days or so. Also, there were developments such as the Solana protocol, which heralded the launch of the Android flagship smartphone in collaboration with Osom. Under the Saga brand, it is the first crypto-centric phone that would give users access to cryptos and NFTs.
The ORCA plays a role in Solana’s new phone as it will act as one of the built-in cryptocurrency exchange providers for its users, giving them access to other digital cryptos and NFT wallets.
Some of the key features of the ORCA protocol are that it is properly audited and available for anyone to integrate. Because it is built on top of the Solana, it offers its users faster transaction speeds and cheaper fees. Liquidity providers are paid 0.3% trading fees into the liquidity pools after each transaction.
How is the ORCA crypto price developing?
According to CoinMarketCap, ORCA crypto was trading at $1.01 on Monday with volume of $1,09,03,308. The Solana-based token had a fully diluted market cap of $101,370,220 and a maximum supply of 100,000,000 ORCA coins in circulation.
While the rally has been impressive, a key fact that market participants should not ignore is that it is still 95% down from its previous high of $20.33 set in October of last year. As the market is very volatile at the moment, investors would do well to ensure thorough market research before entering the crypto space. Any investment decision without proper research may result in financial loss.
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