Participants in the raise include Wintermute and Amber, in addition to other notable liquidity providers.
Woo-ing Buyers: Woo Network Token 75% Rally Sparks Investor Interest
The market is still on the lookout for distinct signs of a long-term recovery. Given this, it is critical to pay strategic attention to tokens such as Woo Network (WOO), which present chances for short- and long-term trading in the dynamic crypto environment.
The cryptocurrency market is in a positive mood as the new week begins, following a time of increased volatility in the first half of December. The two most popular cryptocurrencies, Ethereum and Bitcoin, have shown signs of stability during the last 48 hours.
Woo Network Explodes 75% In The Last Week
The WOO token, which is part of the Woo Network liquidity protocol, has been rising recently after fluctuating earlier. According to data from Coingecko, WOO was trading at $0.45 at the time of writing, up over 2% in the previous day and maintaining a strong 75.0% increase over the previous seven days.
A contributing element to the cryptocurrency’s recent price increase was the WooFi exchange, which attracted attention from possible investors after announcing a partnership with Arbitrum.
The cryptocurrency exchange WOO X, which runs on the WOO token, announced this week that it will be partnering with Wintermute to increase liquidity.
With a combined trading volume of about $3.6 trillion, Wintermute is an algorithmic trading company and liquidity provider. Thanks to its partnership with WOO X, it now serves as the primary liquidity provider for the exchange.
Another market maker, Selini Capital, joined WOO X in order to extend its designated market maker (DMM) program and gain access to over 135 perpetual markets.
When WOO debuted on the open market in late 2020, its value was approximately $0.03. Woo Network surged ahead of the market in early 2021, breaking through the dollar in April and hitting a one-time high of $1.34 on May 9.
The price of WOO token has recovered after suffering a significant drop over the weekend. Over the weekend, it dropped to a low of $0.35, but it rose to a high of $0.42 following that. WOO continues to be higher above the 50-period moving average.
Woo Network Price Prediction
Additionally, it appears to be creating a double-top pattern, with the upper side located at $0.4578. The Relative Strength Index (RSI) is heading toward the 70 overbought level after making an upward trend.
As a result, investors are aiming for the double-top point at $0.4578, which is around 15% above the current price, which indicates a bullish view for the cryptocurrency.
The Woo Network short-term price projection for 2023 by CoinCodex shows that the token will fall to $0.411 by December 24 and rise to $0.4881 by January 18. The technical analysis on the website was bullish, with 24 indications indicating a bullish trend and only four indicating a bearish trend.
According to DigitalCoinPrice, Woo Network will trade at $1.19 at some time in the upcoming year. PricePrediction.net and Bitnation, on the other hand, were more conservative and predicted that WOO would be worth $0.58 and $1.18 in 2024, respectively.
Featured image from Binance Academy
Binance Backs WOO Network With A $12 Million Strategic Investment
Binance is the largest exchange platform in trading volume within the crypto industry. Through its user-friendly interface, the exchange has over 20 million users. In addition, the platform supports several cryptocurrencies that would boost an investor’s portfolio.
In its move to enhanced performance and services to customers, Binance has a strategic investment of $12 million through its venture capital arm. The investment is in a liquidity platform, WOO Network. This liquidity platform connects users to exchanges, DeFi networks, and other institutions.
Binance Labs, which kicked off in 2017, has committed relationships through early-stage investments in several companies.
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Some include DoraHacks, the hackathon organizer, and LayerZero, an interoperability start-up. Also, Binance took part in bigger fundraising rounds like the $10 million Series C fundraising round for Figment, a crypto staking company. Thoma Bravo was in the lead of this fundraising project.
Through a press release, Binance Labs Investment Director Peter Huo put forth his reactions to the company’s investment. First, he acknowledged WOO Network’s remarkable impact on the entire crypto ecosystem using its features and functionality. Also, he mentioned the Network provision of zero-fee trading through on-chain and off-chain and deep liquidity.
Furthermore, Huo expressed his company’s excitement through its long-lasting relationship expansion. The Binance Director commented that the company uses the investment to explore its collaborations further.
Binance Invests in WOO Due To Impressive Growth
WOO Network supplies liquidity to over 40 exchanges, institutions, wallets, trading teams, and other DeFi applications as a liquidity platform. In addition, the network boasts some outstanding products such as the WOO Trade and WOO X.
WOO falls by 6% in the last 24 hours | Source: WOOUSDT on TradingView.com
The WOO Trade is a platform institutional investors use for their crypto transactions. On the other hand, WOO X focuses on retail by combining deep liquidity and zero-fee trading.
The services of WOO Network for liquidity provision on Binance Smart Chain commenced last year with WOOFi Swap launching. The WOOFi Swap employs both the market-making technique from the institution and the network’s liquidity to reduce slippage and enhance pricing.
Moreover, other decentralized protocols get their liquidity supplies from WOO Network. Such DeFi projects include Matcha, DYDX, DODO, ParaSwap, and 1inch.
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The Series A fundraising round of WOO Network in November 2021 closed with a whopping amount of $30 million. The fund inculcates investments from Bit Torrent, Avalanche, Three Arrows Capital, and Crypto.com.
According to CoinGecko, WOO tokens have made a price hit of a 10% increase within the last 24 hours. Also, the Network recently recorded a market cap of about $1 billion.
Featured image from Binance, Charts from TradingView.com
