The crypto market is going through a semi-bullish streak again. The stablecoins, along with various new and emerging tokens, are getting attention from both institutional nd retail investors.
One of the tokens, which received major traction in recent times, is the UNUS SED LEO (LEO). This utility token from the Bitfinex Exchange iFinex ecosystem has drawn large volumes from the market.
# Reasons For Growth
The LEO coin has gained traction due to the strong resilience shown by it has shown against the market odds since February. But why LEO and no other altcoins?
Firstly, LEO has a high resilience along with a sharp growth potential among all altcoins. The credit goes to the popular token burn mechanism that the coin is using!
At the same time, LEO is cherishing a strong connection with Bitfinex, one of the oldest exchange platforms.
# Analyzing LEO’s Position Now
LEO coin is now trading at $9.24. The market cap of the coin remains at $8.54 billion. Consequently, the coin is already one of the biggest names in the current altcoin market.
In the past 12 months, the coin has grown 60%. The recurring token burns and the popularity of its ecosystem are fueling the popularity.
The effect of the same is staggering. Currently, the circulating supply of LEO coins is around 923.61 million tokens. iFinex has committed to buy back and burn the tokens every month. It will be intriguing to watch what other strategies LEO will launch in the market.
There are already basic benefits like a fee discount, a lending fee drops, and other withdrawal fee benefits. Now, it’s time to cash in on the dual blockchain benefits that a few coins have!
