Ether.fi Records All-Time High Total Locked Value in Short Squeeze
Ether.fi, a leading staking network on Ethereum, recently experienced a short squeeze as its total locked value surged to a record high.
The price of Ether.fi (ETHFI) skyrocketed to $1.1397 on Sunday, marking a remarkable 215% increase from its lowest point this month. This surge propelled its market capitalization to over $273 million, with a fully diluted valuation reaching $1.17 billion. The 24-hour trading volume also surged by 291% to $493 million.
The ETHFI token witnessed a significant spike as the total value locked in its ecosystem reached an all-time high of 2.72 million ETG, up from 2.42 million in January. This represents a substantial increase from 46,000 in January of the previous year.
With a total value locked of $6.86 billion in U.S. dollar terms, Ether.fi has secured its position as the fourth-largest player in the decentralized finance platform.
This growth has resulted in a notable surge in weekly fees. According to data from DeFi Llama, weekly fees have reached $3.1 million, the highest level since February this year. Additionally, Ether.fi’s monthly revenue surged to $2.4 million, with a portion allocated to token buybacks.
Ether.fi’s network has experienced significant momentum in recent days, largely attributed to the ongoing surge in Ethereum (ETH) prices. Following a dip to $1,388 in April, the price of Ethereum surged to $2,595, reaching its highest level since February.
Amidst the surge in Ethereum prices, other Ethereum DeFi networks have also witnessed inflows, leading to a 43% increase in total value locked across the network to over $130 billion in the last 30 days.
ETHFI Price Technical Analysis
The daily chart illustrates the rebound of ETHFI price in recent weeks, surging from a low of $0.3937 in April to over $1. It has surpassed the 50-day and 100-day Exponential Moving Averages, indicating a momentum gain.
Backed by Arthur Hayes, ETHFI has also retested the crucial resistance level at $1.50, a significant point in August, September, and November of the previous year. With the coin’s price likely to continue its upward trajectory, the next key level to monitor is at $2.