Did you lose cash when Robinhood suspended buying and selling of WallStreetBets stonks? If that’s the case, then this new “meme inventory index” offered by DeFi protocol UMA needs to be the reply to your fervent prayers—due to the magic of crypto.
UMA’s uSTONKS is an index of all of the meme shares pumped on r/WallStreetBets. It launched a pair days in the past and now, coincidentally or not, the value of UMA’s native token (additionally known as UMA) is itself pumping like mad: at one level right now, the coin was up 122%.
For now, uSTONKS index tracks the costs of Gamestop (GEM), AMC, Nokia (NOK), Blackberry (BB), Silver (SLV), Tesla (TSLA), Palantir Applied sciences (PLTR), Sundial Growers (SNDL), Apple (AAPL), and Virgin Galactic (SPCE).
For background, you’ll recall that Robinhood restricted buying and selling on GameStop and different property like Dogecoin throughout one of many largest short-squeezes lately—it was all attributable to a military of amatuer merchants who simply wished to look at the “loss porn.” This transfer then created a market imbalance that led to the meme shares’ worth plunge.
It’s arduous to say what the impression of UMA’s index on the WallStreetBets neighborhood shall be simply but, however, if nothing else, the index seems to have had a constructive impression on the platform’s token.
Not solely did UMA’s worth shoot up, it doubled its earlier all-time excessive. It’s now buying and selling at round $35.45.
UMA broke by way of the $12 resistance that had been key in figuring out the token worth since September 2020. After that, the remainder was historical past.
One other issue to think about is the latest buzz round DeFi. AAVE, additionally a “DeFi coin,” right now spiked and recorded its largest inexperienced candle ever.
After breaking the $320 barrier yesterday and setting a worth report, AAVE launched into an unprecedented rally for the token. It started Wednesday with a worth close to $300 and ended the day at over $380.
And right now’s been even higher. The cryptocurrency climbed to a report $520 earlier than correcting a bit to its present $509.
With these returns, even bitcoin seems to be boring. Congratulations to billionaire NBA staff proprietor Mark Cuban, who’s having fun with appreciable good points in his crypto portfolio right now.