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SYRUP surged by as much as 36% today, driven by strong ecosystem growth and increasing whale accumulation.

SYRUP Token Performance

On April 17, Maple Finance’s SYRUP token reached an intraday high of $0.15, marking a gain of over 76% from its monthly low. At the time, the token’s market capitalization stood at approximately $128.8 million, with daily trading volume soaring by 157% to exceed $10.7 million.

The rally was fueled by heightened demand in Maple Finance’s derivatives market. Open interest in SYRUP futures jumped 90% in a single day, reaching $359.6k.

Maple Finance Ecosystem Growth

The surge in SYRUP’s price is closely linked to growing enthusiasm around Maple Finance’s expanding ecosystem. Recently, the platform crossed $1 billion in total value locked (TVL), surpassing competitors such as Ondo Finance and Clearpool.

“Maple is now almost halfway to catching up with BlackRock’s $2.46 billion BUIDL fund,” community members noted.

BUIDL is a tokenized U.S. Treasury fund and represents one of the largest real-world asset products on-chain.

Institutional Demand Driving Growth

Data from Dune Analytics highlights that Maple Finance’s growth is largely driven by institutional demand for on-chain credit. This demand is supported by its syrupUSDC and lstBTC products. The syrupUSDC product provides stable DeFi yields through lending, while lstBTC enables institutions to earn returns on Bitcoin without moving assets away from custodians.

Another driver of SYRUP’s strong performance is its attractive 10% yield, which outpaces other major platforms. For comparison:

  • Ethereum staking yields range between 2.15% and 3.34%.
  • Solana offers staking yields of approximately 5.64% to 8.25%.

Whale Accumulation

Whales have also shown interest in SYRUP. Data from Santiment reveals an increase in the number of holders with balances ranging from 10,000 to 100 million SYRUP tokens. This indicates that large investors are positioning themselves for potential upside.

Revenue and Institutional Recognition

Maple Finance’s revenue has experienced significant growth, rising from approximately $150K in June last year to nearly $370K last month.

Institutions are beginning to take notice of Maple Finance’s potential. Grayscale recently added Maple to its Top 20 crypto list, citing strong growth prospects for the upcoming quarter. This endorsement further boosts the project’s credibility.

SYRUP Price Analysis

Technical indicators suggest that SYRUP’s rally may still have momentum. On the 4-hour USDT chart, SYRUP has formed an inverse head-and-shoulders pattern, which is a classic bullish setup.

The MACD indicator is signaling growing buying momentum, while the Supertrend indicator has flipped green, suggesting that the bullish trend may continue.

However, the RSI has entered overbought territory, indicating the possibility of a short-term pullback before further gains.

If the rally holds, SYRUP could target its March high of $0.191, which represents a 46% increase from its current price. On the downside, failure to maintain bullish momentum could lead to a drop to key support at $0.10. Falling below $0.10 might trigger a deeper decline toward $0.085.

Disclosure: This article is for educational purposes only and does not constitute investment advice. Always conduct your own research before making financial decisions.

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