MORPHO Token Hits New All-Time High Amid Crypto Surge on New Year’s Eve
The native token of the Morpho Protocol, MORPHO, has seen a significant surge of over 30% to reach a new all-time high as the cryptocurrency market experienced notable gains on the last day of the year.
Reaching an intraday peak of $3.61, the Morpho token set a new record high with a remarkable 153% increase in trading volume. In the past 24 hours, trading volume reached $144.7 million, contributing to a more than 160% price surge over the past month.
The surge in the decentralized finance protocol has led to a total value locked on Morpho of $5.26 billion.
With significant growth in TVL, daily fees, and monthly active users, Morpho has expanded its presence in the Ethereum layer-2 network ecosystem.
Functioning as an infrastructure platform for on-chain loans, Morpho offers various use cases including credit card and savings functionalities, permissioned markets, and bridge asset deposits. The protocol has established partnerships with platforms like Moonwell, Centrifuge, and Coinbase.
Aside from attracting traders, Morpho has also garnered interest from major institutional investors. This was evident in the project’s recent $50 million funding round, led by Ribbit Capital and backed by crypto venture capital giants such as a16z, Pantera Capital, Fenbushi Capital, and Coinbase Ventures. This strong support positions Morpho well for long-term growth, with investors optimistic about its potential. The recent market rally following Donald Trump’s election in November further boosted the DeFi sector, with several tokens experiencing significant spikes.
However, the recent actions taken by the U.S. Internal Revenue Service regarding broker reporting rules have sparked concerns among DeFi proponents.