Morpho (MORPHO) Token Surges 40% to $4.11 After Coinbase Partnership
Morpho's MORPHO Token Surge
- MORPHO increased over 40%, reaching $4.11 on January 17, 2025.
- Surge attributed to partnership with Coinbase for Bitcoin-backed loans in the US.
- Trading volume rose by 183% to $222 million, indicating heightened investor interest.
Source: CoinMarketCap
Innovation in Borrowing
- Partnership revolutionizes borrowing by removing credit score reliance.
- Borrowers over-collateralize Bitcoin to receive loans below the posted value.
- Wrapped Bitcoin (cbBTC) facilitates minting while using Morpho’s services.
Morpho's Market Momentum
- Morpho price rose from $2.50 to $4.04; currently showing strong bullish trend.
- RSI at 75.59 indicates potential momentum exhaustion.
- MACD histogram shows rising green bars, confirming bullish momentum.
- Breakout above $3.50 signals significant buying pressure; support near $3.50 critical during pullbacks.
- Resistance at $4.10 may allow for continued upward momentum; decline below $3.58 could reverse uptrend.
Source: TradingView
Morpho Protocol's Growth
- Total value locked (TVL) in Morpho Protocol reached $6.06 billion.
- Growth attributed to expansion into Ethereum layer-2 networks.
- Infrastructure supports various use cases, including credit cards and savings.
- Integration with platforms like Moonwell and Centrifuge enhances activity.
Source: DefiLlama
Funding and Institutional Support
- Morpho secured $50 million in funding led by Ribbit Capital.
- Investment backed by major players such as a16z, Pantera Capital, and Coinbase Ventures.
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