Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the spike in price and trading volume of Orca.
Orca Trading Explodes
The Orca token saw major gains on Friday as the network flipped Raydium and a crucial network vote entered its final stretch. The price of ORCA rose to a high of $3.4345 as it reached its highest levels since the 22nd of March. The surge pushed the market cap of ORCA up to over $160 million, although at the time this was notably lower than its trading volume of almost $500 million. Since then the price has dropped back down to $3.14 levels.
ORCA has seen it trading volume soar in the past month as it handled $11.2 billion in volume. This went above Raydium’s $10.8 billion and pushed the cumulative total to $293 billion. The overall trading volume has been helped by the recent rebound of a number of Solana memecoins. Orca also saw its price spike fuelled by an ongoing community vote on a major governance proposal.
As part of the proposal it will include a token buyback, meaning it will help with the initial funding of the team for the first two years along with burning 25% of the token's supply. The vote closes on the 14th of April and so far it has received over 3.376 million “yes” votes, compared to just 2,513 “no” votes. The planned burn and buyback are expected to offset regular token unlocks.
ORCA is a major player in the Solana decentralized finance (DeFi) ecosystem. Currently it ranks as they 10th largest DeFi protocol on the Solana blockchain. So fat there is $234.77 million TVL although this remains a long way below the $1.35 billion high it reached before the FTX collapse. Orca’s “Aquafarms” are liquidity pools where users stake tokens to earn $ORCA rewards and yield can currently reach as much as 9.30%.
Currently, $ORCA is testing a key resistance range between $3.05 and $3.70. A decisive break above this zone could open a path toward the $4.00–$5.00 level, assuming trading volume remains strong and sentiment holds.
Have a great day.
Peace. CryptoGod-1.
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