RED (RedStone) has pumped 70.76% in the last 24 hours.
Gate News Bot news, September 5, according to CoinMarketCap data, as of the time of writing, RED (RedStone) is currently priced at 0.72 USD, with a rise of 70.76% in the last 24 hours, reaching a high of 0.80 USD and a low of 0.40 USD. The current market capitalization is approximately 202 million USD, an increase of 8.38 million USD compared to yesterday.
RedStone is a modular blockchain oracle infrastructure that serves DeFi and institutions. It offers products such as price feeds, reserve proofs, and Atom OEV, aiming to provide secure and efficient data services for on-chain finance.
Important recent news about RED:
1️⃣ The impact of the historical high of the US dollar M2 on the cryptocurrency market The M2 money supply of the US dollar reached $22.02 trillion, setting a new historical high. This data reflects the ongoing easing of US monetary policy, which may lead to rising inflation expectations. Against this backdrop, investors may see cryptocurrencies as a tool to hedge against inflation, thereby driving up the prices of crypto assets including RED.
2️⃣ DeFi demand rise drives the popularity of oracle services With the increase in US dollar liquidity, the DeFi market may welcome a new round of rise. As an oracle project that provides key data services for DeFi, RedStone's importance may be further highlighted, which could be an important factor driving the rise of RED prices.
3️⃣ Institutional investors' attention to crypto infrastructure has increased The rise of the US dollar M2 may prompt more institutional investors to seek diversified investment strategies. RedStone, as a blockchain infrastructure serving institutions, may attract more attention from institutional investors, thereby supporting the rise of its token price.
From a technical perspective, the price of RED has broken through the previous resistance level, demonstrating strong pump momentum. However, investors still need to be cautious of the potential pullback risks in the short term.
This message is not an investment advice; investors should be aware of market volatility risks.