Convection to Elephant Money
TRUNK is a cross-chain deflationary utility defi token also known as Elephant Money. Being one of the tokens of the Elephant Money protocol, it is a collateral in different DeFi applications. Still, what differs the TRUNK project from many is that its supply reduces with time, which also might add to its demand.
It also reveals Trumpet, a store of value based on TRUNK issued by Elephant Money. Honestly the value of Trumpet only increases because while there is no transfer of fees and no developer fees utmost only 5% on minting and redemption is charged. It means this is one of the best investments for those who want to buy a rather stable and developing asset. Also, sol has been added to TRUNK making a way to bridge TRUNK to sol and BORROW USDC to boost its earnings. It does not only have a deflationary mechanism, but also it is cross-chain, which makes it a real gem in the crypto kingdom.
There is anticipation for the Savanna Haus Meetup which is a perfect stage to popularize the project, and Elephant Money plans to attend the Bitcoin 2024 conference in Nashville that will positively influence the TRUNK holders and help it reach $2. The fact that TRUNK is based on a strong community of consumers and holding of several strategic events has been attributed as the rationales for value creation in the platform.
Various Factors which led to Increase of Elephant Money
The highest APR is offered
One of the common causes of a price increase in TRUNK is the high and attractive APR on $USDC. The TRUNK/USDC pool on Solend protocol is still one of the best when it comes to APRs, which is a big plus for the investors. Such a huge total supply of the TRUNK that exceeds 40 million along with 12 million supplied $USDC that offers the possibility to generate huge returns also influenced more people and money to invest leading to its increase.
Real Utility in Crypto
Again, Elephant Money has practicality in the crypto sphere, where $USDC and $TRUNK serve as primary security for the company’s lending bank. This approach holds true value to the investors especially shareholders since they can acquire TRUNK at a very cheap price and wait for the price to appreciate without having to dispose off their stocks. It can enable investors to consolidate a massive amount of TRUNK simply by servicing the loan APR, which increases the asset’s demand and its price.
Biggie Advancements and Tall Return
TRUNK has had a very high increase by 124% within the last 30 days. Adding to this, investors earn the highest yields on $USDC through the TRUNK/USDC pool on Solend protocol. The predictable and generally high returns generate more participants, which again enhances the demand and therefore the price level.
The Winning Community and Reliable Cash Generation
Everyone in the Elephant Money is enjoying whopping APRs as USDC/TRUNK borrowed on Solend, while TRUNK memecoin enjoys increased price, FUTURES is an additional cash cow, waiting patiently. This leads to a virtuous circle of higher investors’ trust and, therefore, gradual price growth of TRUNK as everyday new people join the community and continue investing in its ecosystem.
Deflationary Mechanics and Locked Liquidity
It can be seen from the previous discussion that deflation together with a huge locked liquidity in TRUNKs has primarily played a pivotal role in the successive increase in their price. Taking the cue from the above computations, it is crystal clear that the value of TRUNK has rocketed by 26% within the last 7 days. The Trunk Turbine, currently under the operation of FUTURES, currently purchases only 133k worth of TRUNK tokens per week to create a price pump along with buys and burns. Such mechanics guarantee the throughput gradually decreases, creating a high demand and leading to the phenomenon of price growth.
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