The price of the UNUS SED LEO (LEO) token jumped 43% to its all-time high today.
At the time of writing, it was trading at $7.13.
It has hit a daily high of $8.04 and a daily low of $4.96 and has a trading volume of $56,936,717, a market cap of $6,803,494,168, and a circulating supply of 953,954,130 LEO coins.
Now let’s take a deep dive and see what the hype is all about.
WHAT IS UNUS SED LEO?
Before going into the current uptrend of the LEO token, it is important that we first understand what it is and how it works.
In short, UNUS SED LEO is a utility token used in the iFinex ecosystem. The name comes from a Latin quote from Aesop’s fables. This allows Bitfinex users to save money on trading fees and the exemption limit depends on how much LEO a Bitfinex trader has in their account.
UNUS SED LEO was launched in May 2019.
Why is the price of UNUS SED LEO rising?
Yesterday the US Department of Justice (DOJ) announced that it had seized over $3.6 billion in stolen BTC as per current exchange rates.
Bitfinex lost $70 million worth of bitcoin (BTC) in a hack in 2016, promising that it would recover the lost money, using 80% of it to buy back and burn LEO. Officials said the process for compensation would take 18 months and the court process would begin for the victims to recover their stolen money.
However, officials did not disclose how long this process would take, although past trends suggest that the process could take years such as in the case of the Gox $460 million hack in 2013 and that victims are yet to get their refunds. are waiting for.
Yesterday, LEO bulls ignored all red flags and continued to increase their bids for the coin, hoping that the upcoming supply crisis would make the coin more valuable. This time the price of LEO rose to its all-time high of $8.144, however, it dropped as low as $7.04 earlier today.
However, LEO’s outlook was mixed, as Adam Cochran, partner at activist venture capital firm Cinneamhain Ventures, identified the ongoing challenges in the LEO price rally, as all funds recovered via Bitfinex unless they belong to the exchange. Won’t go by
In a tweet yesterday, he said:
“Of course, there can be some weird deal structure, with the custom token Bitfinex issuance, where they essentially claim they have bought losses from other customers and therefore the bitcoin is theirs and they can claim it all, And then deliver later.” he said that “I will not buy LEO expecting a quick buyback from Bitfinex.”
5/6
I’d love to be wrong on this but LEO was more a play if money is returned through non-government partnerships.
Either way a huge win for Bitfinex and all the losers, there is going to be a path to recovery at some point.
— adam cochran (adamscochran.eth) (@adamscochran) 8 February 2022
However, Alexander Mamasidikov, co-founder of crypto wallet service (Mineplex), described the recovery of Bitfinex funds as “the right fundamentals” that will support LEO’s future growth.
Sikandar said:
“Native to Bitfinex, LEO has a chance to tag along with the development of the trading platform’s future ecosystem, a move that is billed to guarantee the coin’s continued uptrend…. Arguably undervalued compared to the native token of K. LEO is poised to touch the $10 resistance point in the medium term, while the quarterly close of $12 is likely to sustain its current growth momentum.”