MIR – Mirror Protocol emerged as one of the tokens in the crypto market with the best performance on 17th May, even as it tops the leading assets in the crypto market – BTC and ETH – which are struggling to get direction after a declining previous daily close.
The exchange rate of the MIR/USD pair increased by 26.71% to claim the two-week high of $4.974. The uphill movement of the pair came as a result of the broader bullish correction that began on Wednesday after the announcement from the Federal Reserve on the possibility of increasing the benchmark interest rate by 2023 end.
The bids for the MIR/USD pair were as low as $3.971 before the announcement from the Fed. The pair consolidates around the weekly low even hours after the hawkish signal from the Central Bank of the United States. Meanwhile, the leading assets in the market kept falling against the USD.
The MIR protocol started rallying at the close of the US Session on Wednesday right after the announcement of support for a new set of DeFi projects from Gemini, including Mirror Protocol. As of 1102 NY time on Thursday, Mirror Protocol has increased to about 31.82% over the low of $3.971 in its last session.
This dramatic jump from the Mirror protocol came with higher volumes which shows the vitality of the uptrend of the token in the short term. With that, MIR also spiked up against BTC wildly, gaining more than 27% in just 24 hours. This hinted that investors are exchanging their BTC for MIR as there was a negative response to the hike plans from the Federal Reserve.
Mirror Protocol V2
It is possible that traders also picked a bullish signal from the testnet launch from the protocol on Tuesday.
Giving the details, Mirror Protocol is a protocol based on a Terra-Blockchain used in creating synthetic assets called Mirrored Assets or mAssets. These fungible tokens copied the behaviour of the price action of the digital and traditional financial assets. Therefore, traders can use Mirror as a way of gaining exposure to the conventional markets without holding the actual stocks, whatnot, and commodities.
The enthusiasm that came with the launch of the Mirror Protocol made it to be one of the trendiest DeFi projects after it was launched in December 2020. In May 2021, the protocol accumulated over $2 billion in TVL (Total Value Locked). Currently, it holds $1.79 billion as its TVL.