The massive price correction in May caused many crypto investors to lose most of the gains they amassed earlier in the year. However, such price corrections are necessary to weed out the unnecessary crypto projects, bolster the tangible ones, and provide a better proving ground for hopeful and aspiring cryptocurrencies. Enzyme (MLN) has emerged as one of those altcoins. The crypto has made a name for itself during the latest lull.
While most of the market has been slow to gain ground due to the losses they experienced in May, crypto investors are looking to get back their profits as soon as possible. Looking for the next substantial cryptocurrency to invest in early has proven to be more difficult lately. However, looking at hype and momentum surrounding certain altcoins can help investors narrow in on a quick win.
Enzyme has benefited from such activity. Thanks to trading activity, strategic partnerships, and being added to exchanges, Enzyme has stood out from the crowd. But is it a good buy?
Why Enzyme is outpacing other cryptocurrencies
Many factors can help a digital token gain value and lose value. Timing when a cryptocurrency will increase is pure speculation. By the time news is out about a particular token, it’s likely already hit its peak and on its way back down.
But with Enzyme, the momentum has been pretty consistent. After the big drop in May, Enzyme quickly rebounded to record heights. It has since come back down but has hovered around pre-crash levels.
Enzyme saw a surge in its price amid the announcement that the MLN token would start trading on Binance on July 5. Being added to the largest crypto exchange in the world helped MLN spike 55 percent in the price to a high of $125. In the 24 hours after listing on Binance, the trading volume for MLN also surged by more than 2,000 percent to $148 million.
On July 5, Enzyme announced a collaboration with Yearn.finance. Through the partnership, Yearn’s vaults will now be available on the Enzyme protocol. This allows portfolio managers on Enzyme to use yield farming strategies through Yearn as part of their overall investment strategy.
Yearn.finance has become one of the most expansive and cross-integrated DeFi platforms, and the Enzyme integration further entrenches them among the top.
Is Enzyme a solid future play?
Enzyme likely won’t reach the height of the major cryptocurrencies like Bitcoin and Ether, but it does have a lot of future potential value. Enzyme is easily tradable on the top exchanges both globally and in the U.S. It has also started strategic partnerships that not only help hit grow and solidify itself but assist the other side of the partnership. The platform will attract more collaboration down the line, which will help the token gain value for those willing to hold their positions.