YEREVAN (CoinChapter.com) – SeedOn project’s SEON token jumped over 10% in 24 hours and peaked at $0.0057 ahead of the European session on March 13. However, the token price partially pared its gains hours later and stood at $0.0054 at 10:00 GMT.
Meanwhile, SeedOn’s weekly chart reveals two price action spikes on the days of Silvergate and Silicon Valley Bank collapses, respectively.
Additionally, the SEON token’s trading volume has risen 15% in the previous 24 hours, testifying to the growing interest among investors.
As the Network announced on March 11, its SEON token will be available in fiat pairs (EUR and USD) starting March 15, which could have fuelled the rally.
However, there are possibly broader reasons behind the recent price spikes.
SEON spikes while Silvergate and SVB fail – what happened?
SeedOn project is a blockchain-based solution “whose goal is to revolutionize conventional crowdfunding.” The SEON token currently trades on two platforms only: decentralized PancakeSwap and centralized BitMart.
Moreover, according to CoinMarketCap, BitMart is responsible for over 96% of SEON trading.
Incidentally, BitMart also signed a deal with custodian Copper’s ClearLoop Network, aimed at fund delegation to exchanges without requiring an on-chain transaction and “minimizing counter-party risk by assuring that assets remain in custody.” Other members of ClearLoop Network include crypto exchanges Gate.io and Bit.com.
Also read: What Made Justin Sun Suddenly Pour $100M into Huobi Global Liquidity Fund?
As noted by venture capital firm Target Global in 2021, Copper’s ClearLoop was in competition with Silvergate over instant settlement engines. Here’s what happened to Silvergate and several other banks over the previous week:
US bank-run contagion
In detail, Silvergate used to be the crypto market’s go-to bank. It closed all operations as per the statement released late on March 8. The next day SeedOn token registered a spike, which could suggest a speculative pump.
Silvergate’s implosion makes it one of the few non-crypto companies to close operations amid the crypto sector downturn. For instance, in March 2022, before the Terra and FTX implosions shook the market, Silvergate received a strong boost from the financial giant Morgan Stanley, which covered Silvergate with an overweight rating.
However, the bank allegedly spent the equivalent of a decade’s profit and fired 40% of its workers after investors scrambled to redeem $8.1 billion.
Also read: The Rise and Fall of Silvergate, Once Crypto Market’s Favorite Bank
The second spike on the SeedOn chart above coincided with the Silicon Valley Bank shakeup.
In short, according to a report late March 9, the Silicon Valley Bank (NASDAQ: SIVB) launched a $2.25 billion share sale. The Bank representatives asserted SVB needed the proceeds to make up for a $1.8 billion loss brought on by selling its $21 billion AFS bond portfolio consisting mostly of U.S. Treasuries.
Moreover, SVB is a niche bank, mostly focused on startups, which already saw a deficit in venture capital funding due to growing recession fears.
Also read: GCR says bye to Binance, withdraws $40M USDT – should traders follow?
According to Bloomberg News, SVB does business with almost half of all US venture capital-backed startups and 44% of US venture-backed technology and healthcare companies that went public last year. Thus, the effects will be far-reaching if Silicon Valley Bank announces bankruptcy.
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