RIVER Surges 156% to ATH with Justin Sun’s $8M Investment
The RIVER token experienced a 156% increase over seven days, climbing from $17.52 to an intraday high of $54.12, surpassing its previous all-time high after an $8 million strategic investment by TRON founder Justin Sun. The token's market cap exceeded $1 billion.
- 24-hour trading volume for RIVER was $38.4 million, a 46% decrease from the previous day.
- RIVER ranks 96th among all cryptocurrencies with only 19.6 million tokens available for trading.
The strategic investment will aid in integrating River's satUSD stablecoin into the TRON ecosystem, allowing users to exchange stablecoins like USDT for satUSD at equal value.
Derivatives Data Insights
- Short positions on RIVER faced high costs, with funding rates reaching -16% on Bybit and Gate, -9.8% on Binance, and -12% on OKX.
- Derivatives trading outpaced actual token purchases by over 80 times, indicating price movements driven by leverage rather than genuine buying interest, potentially leading to sudden reversals.
Ethereum and Bitcoin led 24-hour liquidations with $200.54 million and $200.34 million respectively, as RIVER also appeared among actively liquidated tokens.
Price Discrepancies and Market Conditions
- RIVER showed a nearly 3% price spread between exchanges, trading at $54.37 on Kraken and $52.88 on Toobit.
- Market conditions revealed thin buy/sell orders, with Bitget showing limited pending orders impacting price stability.
The overall cryptocurrency market fell by 1.82%, with total market capitalization at $3.08 trillion. Bitcoin dominance was at 57.5%, trading near $88,500, while the Fear & Greed Index indicated extreme fear among investors.