• Frax Share, the first crypto native CPI platform, has seen its native token, FXS, explode by 35% to trade slightly above $9.00.
• The bullish price action seems to be driven by Ethereum staking on Frax Finance, which now has over 61,339 ETH staked in the smart contract.
• According to OxChaos, investors are trying to be the ETH basepool on Curve as they realize no one will be able to compete with Frax’s staked ETH yields.
Frax Share, a crypto native CPI platform, has been enjoying an impressive winning streak over the past two weeks. In the last 24 hours, the ecosystem’s native token, FXS has seen its price skyrocket by 35%, pushing it to trade slightly above $9.00 at the time of writing. It looks like the bullish momentum is nowhere near its end, as a recent rectangle pattern breakout suggests that the FXS price may surge up to $11.36 in the upcoming days.
An analysis of the market fundamentals reveals that Ethereum staking appears to be the primary force behind the Frax Share price rally. According to several Twitter posts, Frax Finance now has over 61,339 ETH staked in the smart contract. This number has been steadily increasing over the past weeks, with a 20% positive change in one week and a 37.37% change in 30 days. This is likely to be the result of investors realizing the profitability of staking on Frax Finance compared to other similar platforms in the market.
OxChaos, a platform built around key market fundamentals, commented on the situation, pointing out that „FXS (is) ripping as market realizes no one will be able to compete with Frax’s staked $eth yields & are trying to be the $eth basepool on Curve.“ This statement seems to be backed up by the market data, as more investors flock to the Frax platform, looking to take advantage of the lucrative staking yields.
With the current price surge of FXS, investors may be wondering if this is the time to buy into the crypto. While only time will tell if the Frax Share price will continue to rise, it is clear that the ecosystem has a lot of potential. If the current trends continue, it is possible that FXS will reach the rectangle pattern breakout target of $11.36 in the upcoming days. However, investors should approach the market with caution and do their own research before making any investments.
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