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Why Is Telcoin Crypto Ripping Through The Roof?

May 6, 2021 2:01 am
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Why Is Telcoin Crypto Ripping Through The Roof?

Telcoin (TEL) hit an all-time high of $0.0037 Wednesday late night, with the cryptocurrency adding over 80% in a 24-hour period at press time.

What Happened: TEL is the coin associated with a project whose main focus is the remittance market. The cryptocurrency traded 81.37% higher at $0.033 at press time and has shot up 405.14% in a seven-day trailing period.

TEL has a market capitalization of $1.75 billion. The apex cryptocurrency by market cap, Bitcoin (BTC), traded 4.49% higher at $56,932.76 at press time.

Since the year began, TEL has skyrocketed 18,639.35%. These gains best even Dogecoin’s (DOGE) 13,132.58% appreciation in the same period. DOGE traded 8.04% lower at $0.61.

See Also: Could Elon Musk's SNL Hosting Tank Dogecoin Price With Profit-Booking?

The current price boost may be related to the listing on the QuickSwap decentralized exchange, which operates on Polygon (MATIC) — a layer 2 protocol resident on the Ethereum (ETH) blockchain at the end of last month.

Why It Matters: The lower fee on the Polygon network and attractive yield opportunities for liquidity providers on QuickSwap were cited as possible factors for the surge in trading volumes for TEL in a  Cointelegraph report.

TEL’s 24-hour volumes rose 147.51%. On Thursday volumes stood at $118.09 million, while on Wednesday they were $47.71 million, according to CoinMarketCap data.

See also: Best Cryptocurrency Apps

Meanwhile, MATIC soared recently, buoyed by a boost in the prices of  Decentralized Finance or DeFi cryptocurrencies.

See also: How to Buy Polygon (MATIC)

MATIC has soared 4,324.3% since the year began. The coin traded 10.06% higher at $0.79 at press time. ETH traded 5.49% higher at $3,455.39 at press time.

What Else: Tel launched remittances between Canada and the Phillippines in February, according to a Twitter post dated Feb. 5.

Read Next: Is Ethereum Classic's Outpacing Of Bitcoin, Ethereum, Dogecoin Gains All About Being 'Cheaper?'

Photo: Courtesy of Telcoin

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