Did you hear about FRAX? The token blew up by over 150% the past month, but can a coin’s historical data help to point out future rallies?
Frax Share has been one of the few altcoins to pull off a dominant price performance amid the down market of late 2021 to early 2022. In the month between Dec. 14 and Jan. 14, FXS was up 128% against the U.S. dollar and 159% against Bitcoin . In addition to this impressive feat, FXS topped the charts of historically bullish trading conditions on multiple occasions throughout this period.
FXS’ supply is initially capped at 100 million tokens, and the protocol is designed for the token supply to be deflationary as the demand for the FRAX stablecoin rises. This mechanism could be responsible for at least some portion of FXS’ momentum in recent weeks. As Cointelegraph previously reported,Because of this link between the demand for FRAX and the corresponding shrinkage in the supply of FXS, rounds of FRAX adoption can theoretically result in waves of FXS appreciation.
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