UNUS SED LEO (LEO) Seems Unaffected by Crypto Market Volatility, Skyrockets 50% in March

UNUS SED LEO, which means "one but a lion," seems unaffected by crypto market volatility. This year has been particularly successful for LEO

UNUS SED LEO (LEO) is up almost 50% year to date, making it one of the few cryptocurrencies largely unaffected by the market volatility.

The LEO token, created by Bitfinex exchange, has seen a meteoric market rise this year, adding almost 50% to its value in March alone.

While other major cryptocurrencies, such as Bitcoin and Ethereum, have experienced significant market downturns in recent months, LEO has managed to maintain its upward trajectory. This is largely due to the fact that Bitfinex listed multiple new tokens in March, which has driven up demand for LEO tokens.

As of press time, LEO is changing hands for $5.78, up 46.94% over the past year. It is the 17th biggest cryptocurrency by market cap, recently surpassing Near Protocol and DAI, one of the top stablecoins. LEO has also moved up in the ranking since March, when it was 23rd.

What is UNUS SED LEO?

The LEO token was created by Bitfinex exchange to help the platform recover from losing $850 million in 2018. To cover this shortfall and strengthen its financial position, Bitfinex launched the LEO token sale, which reportedly saw the exchange raise around $1 billion in a private sale.

Bitfinex also aimed to enhance its ecosystem by providing a utility token that offers various benefits to its users, thus encouraging more active engagement with the platform.

For instance, holders of LEO tokens benefit from reduced trading fees on Bitfinex, which is particularly attractive for high-frequency or high-volume traders. LEO tokens also provide discounts on withdrawal and deposit fees, lending fees, and other services across the iFinex ecosystem.

As part of its tokenomics, the amount of LEO bought and burned has to be at least equal to 27% of the revenues of iFinex, the owner of Bitfinex. The LEO token is purchased at the market rate. Officially, the burn mechanism will continue until all tokens have been redeemed.

By implementing a token burn mechanism, where a portion of the revenue is used to buy back and burn LEO tokens, the exchange creates a deflationary model. If demand for the token grows or remains steady, this adds long-term value, which appeals to investors.

According to TradingView's technical analysis, the sell trend prevailed for LEO today, while the buy trend was observed one week ago. The one-month rating also shows the buy signal. Moving averages are a strong sell overall, while oscillators are neutral, which means LEO is neither oversold nor overbought.

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