FOLKS (Folks Finance) increased by 57.29% in the past 24 hours.

Gate News Bot Report — November 7th

According to CoinMarketCap data at the time of reporting, FOLKS (Folks Finance) is currently priced at $3.97, up 57.29% over the past 24 hours. The token reached a high of $7.83 and a low of $2.52 within the same period, with a 24-hour trading volume of $8.99 million. Its current market capitalization is approximately $48.4 million, an increase of $1.76 million from yesterday.

Folks Finance is a community-driven decentralized platform offering permissionless DeFi tools across multiple networks. The platform provides a full suite of DeFi services including lending, staking, and trading, making it one of the largest protocols on the Algorand network. Folks Finance also offers cross-chain lending infrastructure, supporting borrowing and lending across all supported networks.

Key recent updates on FOLKS:

1️⃣ Airdrop Program Officially Launched
On November 6th at 22:00 (UTC+8), Folks Finance officially opened the FOLKS token airdrop claim. Community members can choose between two claim options: immediate partial distribution or a linear unlock for the full allocation. This initiative aims to reward early supporters and expand the holder base of FOLKS tokens.

2️⃣ Liquidity Surge Drives Price Increase
Following the airdrop announcement, the circulating supply and trading activity of FOLKS tokens surged significantly. The 24-hour trading volume hit $8.99 million, indicating strong market interest. This increased liquidity contributed directly to a sharp price rise of 57.29% within 24 hours.

3️⃣ Rapid Market Cap Growth
As the price soared, FOLKS’s market cap also increased rapidly, now estimated at around $48.4 million, up $1.76 million from the previous day. This growth reflects rising token value and investor confidence in the prospects of Folks Finance.

From a technical perspective, FOLKS experienced notable price volatility over the past 24 hours, with a high of $7.83 and a low of $2.52, indicating active market sentiment but also potential risk. Investors should monitor market trends closely and manage risks accordingly.

Note: This news is not investment advice. Please be aware of market volatility when participating in trading.