Mirror Protocol moons 45% — what’s driving MIR token higher?

mirror protocol MIR
Image by Keith Johnston from Pixabay

Yerevan (CoinChapter.com) – Mirror Protocol (MIR) managed to gain 45 percent in the past 24 hours to hit $6.07 after briefly shooting all the way up to $7.29 in Tokyo session Friday. The token now corrects downward as traders lock their interim profits.

MIR's 45 percent rally in the past 24 hours. Source: MIRUSD on TradingView.com
MIR’s 45 percent rally in the past 24 hours. Source: MIRUSD on TradingView.com

The MIR exchange rate against Bitcoin (BTC) also saw a sharp 55 percent rise since Wednesday, June 16. The rate is indicative of traders willing to secure their BTC proceeds in MIR. Bitcoin lost more than 6 percent since Wednesday, slumping after the US Federal Reserve raised its expectations for inflation this year and shifted the time frame for rate hikes from 2024 to 2023.

Also read: Bitcoin and the morning after Fed rate hike news

News behind the MIR rally

Gemini, the regulated cryptocurrency exchange, announced its support for several Decentralized Finance (DeFi) projects on June 16, including Mirror Protocol, as well as Alchemix (ALCX), Ankr Network (ANKR), and Fantom (FTM). After Gemini’s listing, the governance token of Mirror Protocol went on a bullish rally and logged 21 percent overnight.

The listing came as a continuation of positive developments for MIR. That included the launch of Mirror Protocol’s V2 testnet on Tuesday, June 15. The project tweeted that its protocol upgrade would gain “key features,” including improved incentives for governance participation, new collateral options, and introductions of pre-IPO assets.

What is Mirror Protocol?

Mirror Protocol is a DeFi project created on top of the Terra blockchain. It is used to create synthetic assets called Mirrored Assets (mAssets), which represent real-world stocks. In other words, the protocol gives traders worldwide the opportunity to buy, sell, lend, or borrow stocks of different companies like Netflix, Microsoft, or Tesla right on the Mirror Protocol blockchain.

Also read: Mirror Protocol (MIR) Prepares for Massive Bull Run Ahead; Here’s Why

One of the advantages of the Protocol is global accessibility. Anyone can trade equities and stocks from any country. Also, the blockchain supports fractional orders, which is convenient for traders with limited assets.

There are several ways to profit from the Mirror Protocol blockchain. In addition to trading, the participants can earn through minting assets. Providing liquidity also allows traders to stake the received liquidity tokens, retrieving MIR coins in return.

MIR, the governance token of the Mirror Protocol, registered a 45 percent gain on the 4h chart. The rally saw the price at $6.07 as of the moment of writing. The bullish break came on the news of the blockchain launching its V2 protocol, which promises new features to users and listing on Gemini exchange.

Also read: Bitcoin will meet its ‘death cross’ soon—will a BTC bear market follow?

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