• iZUMi Finance (IZI) price dropped over 15%, following the token’s listing on major crypto exchange KuCoin.
• The dump is likely a “sell the news” scenario as IZI/USD was still trading more than 26% up in the past seven days and over 280% up in the past two weeks.
• Total Value Locked (TVL) has risen sharply in the past 10 days – from under $2 million to over $25 million as of 26 April 2023.
iZUMi Finance Price Drops After KuCoin Listing
The price of iZumi Finance (IZI) dropped by more than 15% after it was listed on leading cryptocurrency exchange KuCoin. This drop followed a significant increase in price, which may be attributed to „sell the news“ situation. Despite this drop, IZI/USD was still trading higher than it had been in recent weeks, with prices increasing by more than 26% over the last 7 days and 280% over the last two weeks.
Sellers In Control for IZI/USD
The current price outlook suggests that sellers may push IZI lower, but there is also potential for an upward flip if support around $0.030 holds strong. If not, then a dip to $0.011 could occur.
Network Strength Key For Long-Term Outlook
Analyzing Izumi Finance’s network performance shows strong growth in its Total Value Locked (TVL), which increased from under $2 million to over $25 million within 10 days as of April 26th, 2023. Additionally, products such as iZiSwap, LiquidBox and DAO veNFT are growing increasingly popular across the market and have recently closed a financing round worth $22 million for its on-chain order book iZiSwap Pro.
Increased Demand For IZI Could Aid Uptick In Price
Despite today’s dip due to profit taking, increased demand for IZI could help drive prices up again down the road thanks to its growing ecosystem and network strength. At present though, it remains unclear how far sellers will take control of prices before buyers step back into the market and turn things around with renewed buying pressure.
Conclusion
Overall it appears that while profit taking has caused a temporary dip in iZUMi Finance’s price today following its listing on KuCoin, strong ecosystem growth could eventually lead to increased demand for IZI and ultimately help drive prices back up again further down the line
