Trader Joe is a recent entry into the world of cryptocurrency exchanges. It came into the picture last year but has already created a buzz worldwide. Interestingly, the founders of the project are anonymous, and no one knows their identities.
However, Trader Joe raised $5 million in funding this month and continues to interest more crypto enthusiasts. Let’s explore whether you should also start looking into the new platform and token.
What is Trader Joe?
Trader Joe is a decentralized finance protocol or DeFi. It helps users buy and sell cryptocurrency. The protocol is also decentralized, which means it needs no intermediary to process transactions.
However, the platform is way ahead of others for countless reasons.
Trader Joe uses the ecosystem of Avalanche, which is a blockchain platform. Avalanche is faster than other popular blockchains like Ethereum. As a result, you can buy and sell crypto coins quickly.
Additionally, Avalanche doesn’t need too many hardware resources to run. Therefore, projects like Trader Joe can charge lower fees and provide a better buying and selling experience.
What is the JOE Token?
JOE is the native token that runs the Trader Joe platform. The company created 500,000,000 JOE tokens during the ICO and planned to release them across 30 months.
Trader Joe has issued 50% of tokens to facilitate crypto trading, 20% for the treasury team, 20% for the development team, and 10% for upcoming investors.
JOE is performing well, considering the short duration of trading. It now has a TVL of about $460 million.
TVL refers to the total value locked and represents the value of the entire funds deposited in the ecosystem.
JOE Price Analysis
JOE is currently trading at $3.98 and showing a decline of 9.5% in prices over the last 24 hours. The token has a rank of 188 in the cryptocurrency world and a market cap of $346,187,804. During the last day, the market cap recorded a growth of 0.6%.
However, JOE was at $4.61 yesterday, which is the highest for the week. Additionally, the growth in the past week is also quite impressive. The token went up 30.8% in price during the past seven days and recorded a growth of 190.7% in the last 14 days.
Moreover, the monthly performance is also quite remarkable: JOE grew by 244% in the last 30 days, which is extraordinary, considering its short journey.
JOE is also highly popular in the Avalanche ecosystem. It already ranks second in terms of TVL in their ecosystem. Additionally, investors are showing an increased interest in the project as Avalanche can be an alternative to Ethereum blockchain.
As a result, we can hope that the prices of JOE show an upward growth trend in the coming days.
Trader Joe has attracted the attention of people worldwide. JOE is also emerging as a strong contestant in the world of cryptocurrency. It is showing massive growth and remains a popular choice for investors. However, JOE does carry the general risks of investing in cryptocurrency, like volatile markets.