Cream Finance’s CREAM Token Surges 60% in Weekend Rally: What’s Behind It?
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Cream Finance’s CREAM Token Sees 60% Price Surge in the DeFi Sector
Cream Finance’s native token, CREAM, experienced a significant price increase of over 60% on September 23, according to data from CoinMarketCap. This surge in price has made CREAM the standout performer in the decentralized finance (defi) sector.
Machi Big Brother’s Strategic Moves Drive CREAM’s Price Rise
Lookonchain, a blockchain analysis firm, attributes the token’s impressive rise to Jeffrey Huang, also known as Machi Big Brother. He is known for his strategic maneuvers in the cryptocurrency market, which have sparked controversies in the past.
On-Chain Data Supports Cream Finance’s Price Surge
Spot On Chain, another on-chain data analysis team, has provided additional evidence to support Lookonchain’s findings. They have conducted an in-depth analysis of Cream Finance signals during the relevant period and found that a significant number of CREAM tokens were issued to various addresses, including two addresses owned by Machi Big Brother.
Long-Term Optimism or Pump-and-Dump Scheme?
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While some believe that Machi Big Brother’s decision to restake all of the tokens indicates his long-term optimistic view on CREAM, others, like cryptocurrency expert Sumeet Kapoor, suggest that it may be a potential pump-and-dump scheme. Kapoor points to the high trading volume of CREAM compared to its market capitalization as a sign that someone may be preparing to dump the tokens.
Similar Price Patterns in Other Capped Tokens
Kapoor draws parallels between CREAM’s price action and other capped tokens, such as CyberConnect, Perpetual Protocol, Tellor, and Hifi Finance, which have followed similar paths in recent weeks and days.
Huang Holds Millions of Dollars Worth of CREAM Tokens
As of now, Huang holds over 326,000 CREAM tokens, valued at around $7.43 million on Cream Finance. Spot On Chain’s analysis also reveals that other addresses have deposited or sold CREAM tokens on Binance and Gate.io.
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