pSTAKE Finance soars 50%: Is $1 next for BTCfi-focused project?

pSTAKE Finance is outperforming top altcoins early Tuesday as the market witnesses parabolic price gains for tokens such as DOG•GO•TO•THE•MOON and Kaspas (KAS).

This has pSTAKE ranking among the biggest gainers on the day (at the time of writing) as trading volume increased more than 20% to above $4.2 milion.

Why is the price of pSTAKE surging?

pSTAKE is one of the best-performing tokens today and has gained by more than 80% this past week. The token’s value has also more than doubled since reaching lows of $0.06 in early May.  

In mid-May, pSTAKE Finance revealed a major development that has helped sentiment and likely catapulted prices.

It relates to the platform’s announcement of a new liquid staking solution for Bitcoin (BTC). The launch of BTC liquid staking aims a catalysing further traction for the BCTfi ecosystem.

Users can tap into the new solution to generate staking yields on their BTC. pSTAKE therefore adds to Layer-2 chains and sidechains that aim at bringing DeFi to the $1 trillion market cap Bitcoin ecosystem.

Today’s gains come amid excitement over the future of pSTAKE Finance within the BTC yield market.

Also key is Binance’s recent announcement that the exchange will look to list medium to low market cap projects with solid products and teams. pSTAKE recently partnered with Babylon to launch the Bitcoin liquid staking offering.

A look at its metrics shows current market cap at $69 million and fully diluted valuation (FDV) at $73 million. Moreso, Binance Labs invested in this project.

pSTAKE price forecast

As meme coins and AI tokens rose, the price of pSTAKE Finance spiked sharply to reach highs of $0.16.

Upward momentum saw this token’s value surge from lows of $0.09457, with the native token of the multichain liquid staking protocol ripping up by more than 55%.

pSTAKE Finance’s 24-hour returns surpassed the 25% gains for $DOG. The token also topped the 20% upside that Kaspas price recorded earlier today.

If bulls hold above $0.14, the next bounce higher could target $0.20 and allow for momentum towards $0.4. The short term objective in a bull run would be the all-time high of $1.21 reached in March 2022.

The post pSTAKE Finance soars 50%: Is $1 next for BTCfi-focused project? appeared first on Invezz