This Cryptocurrency Price Chart is Making Pre Parabolic Set Ups
- Bitfinex’s LEO token up over 70% in less than a month with more upside potential
- Repurchase and burn of LEO tokens will positively impact LEO price
Bitcoin is famous for its parabolic rise that drives the speculators’ interest in the world’s top cryptocurrency. This parabolic curve was what drove BTC to $20,000 during the last bull run and can further take it to as high as $1 million in the future.
Now, another cryptocurrency is showing a set up of pre parabolic rise. This is none other than the recently released native currency of bitcoin exchange Bitfinex, UNUS Sed LEO (LEO) token.
LEO Already up 70% with No Signs of Slowing Down
Back in May, the troubled Bitfinex raised $1 billion in USDT and USD in a private sale as confirmed by Paolo Ardino, the CTO of the exchange on twitter. This sale of the tokens was closed in just 10 days, issuing to large private investors.
These companies invested $100 million each in these tokens with some large investors investing $1 million each. The firm planned to open the sale to the public only if any allocation was left.
. @bitfinex is able to raise 1b USDt in 10 days, in a private sale. Private companies, giants in our industry and outside, made investments for > 100m each. A legion of inside and outside users made investments for > 1m each.
— Paolo Ardoino (@paoloardoino) May 13, 2019
Since first getting online, the token has surged more than 70 percent and is not showing any signs of stopping down yet. Just today, LEO made its another all-time high at $1.78, up 3.52 percent in the past 24 hours.
In less than a month, LEO has risen to an impressive market capitalization of about $1.7 billion that gives it a spot among the top 15 cryptocurrencies.
Binance Coin (BNB), the native token of the largest cryptocurrency exchange Binance actually took six months to reach the market cap of $1.5 billion and then in March 2018, it reached among top 20 cryptocurrency in another few months. After fluctuating in and out of this list, now with a market cap of $4.30 billion, BNB is at 7th place.
Future Value Increment: Repurchase & Burn LEO Tokens
The white paper of the project that was published on May 10 describes LEO as “a utility token at the heart of the iFinex ecosystem.” iFinex is the parent company of the Bitfinex exchange that has migrated from Amazon Web Services to a self-designed data center to apparently provide a stronger and more independent infrastructure.
1/ I see LEO is building up quite the hype on CT, and rightly so. It's very different to every other coin or ico b/c the end-goal is not to "dump on retail" but rather to sell to bitfinex, via the burn. (which starts today and goes on forever until there is one LEO remaining)
— siber (@SiberBTC) June 1, 2019
The tokens, as per the white paper is going to be used to reduce fees and to provide further discounts and for other features and benefits on Bitfinex and EthFinex.
The interesting aspect is the repurchase and burns of LEO tokens by iFinex. On a monthly basis, the company and its affiliates are going to buy back LEO tokens to a minimum of 27 percent of the gross revenues for the iFinex, excluding Ethfinex.
Repurchases will be made at market rates and the 95 percent of the recovered net funds from Crypto Capital and 80 percent of the recovered funds from Bitfinex hack will be used to repurchase and further burn the outstanding LEO tokens.
In theory, the repurchasing and burning of LEO tokens will have a positive impact on its price.