Wing Finance (WING/USD) price went parabolic on Friday, becoming the best-performing cryptocurrency in the world. Its price surged by over 350% in about 24 hours and rose to the highest point since May 2021. According to CoinGecko, it has a market cap of over $99 million. The wing was created in an ICO by the company that runs Oakes and you can read more about Wing’s launch on their blog. However, as is often the case with initial coin offerings, there are a lot of red flags around Wing. ICOs are very difficult to track as they don’t have to go through any regulation, and this has caused many to question whether some companies are operating fraudulently or not. Regardless of how legitimate Wing is, it has gained a lot of attention because its price has gone parabolic in 24 hours, which means the investors dumped their coins for maximum return on investment. This may be the result of an insider dump, but there are different ways to dump coins and it is unclear which one happened.
An insider dump would be a way to manipulate the price in such a way that other people would think they were selling their coins, but they weren’t. If Wing was tanking, it would be difficult for insiders to time their dumps and also have people believe that they were sold when they weren’t. So it looks like the person or persons behind this dump acquired a lot of coins overnight, the technical momentum behind the coin has been broken.
What is WING and why is it rising?
The wing is an ERC20 token that is used to pay for several different things. As of today, it’s only a payment method, but as time passes and more services are developed on top of the platform, the value of each WING token should increase. The most notable use case is probably trading. You can trade directly from your crypto portfolio over the platform, and you can also get paid in WINGS for sharing your trading data with other traders (this is called “graphing”). There are already around 30 million users who trade on the site and Wing has 185 million tradeable tokens. There are also a lot of “third-party payment services” on the platform that have been announced.
WINGUSDT 15m Abnormal activity #wing #eth #btc #cryptotrading #cryptocurrency #Crypto #Binance #blockchain #Ethereum #cryptobot pic.twitter.com/VbkfuESeM7
— Bingo Crypto Scanner (@BingoCryptoScan) August 5, 2022
Some of these third-party services include VIP Tokens, Game Tokens, and the Wingtip Recharge Alliance which is an alliance between Payconiq and Alipay. Wing has had some controversy in the past as far as its founders and team go. The CEO of the company associated with Wing just recently resigned from his position after just a few months on the job.
Wing Finance price prediction
Investors are hyped about Wing and its potential. There is a lot of room for growth for the company, which is why its price has gone parabolic in the last 24 hours. It got over 350% increase in a short period, which is not something that happens often. However, it remains to be seen what happens next. The company hasn’t even talked too much about its real use case or if it will be able to deliver on the promises it made before the initial coin offering was conducted. Investors should be careful about what they’re doing and make sure to do their research before investing in any cryptocurrencies.
There was a parabolic rise in Wing Finance’s price.
Market capitalization” is not the same as “market price”, although commonly confused. Market price refers to an individual unit, whereas market capitalization refers to the total of that number of units together. A good analogy for a stock would be this – let’s say the market price of a stock is $100 and there are 10 million shares (total value of $1 billion). Each share will then have a $100 market cap.
If later in the day, the company announces they will issue 1 million more shares at $20 while simultaneously buying back 5 million of their existing shares at $50, each share would still be worth $100, with no change in market cap.
