Amid the ongoing crypto correction fueled by heavy whale selloff, which resulted in around $1 billion in total leveraged liquidations, the Usual (USUAL) token emerged as a top outlier with 33 percent growth in the last 24 hours to trade about $1.46 on Friday during the early European session. The recently launched altcoin has attracted the attention of more crypto traders following the listing on major crypto exchanges led by Binance.
According to the latest market data, the Usual token had a volume-to-market cap ratio of about 222 percent, after hitting a fully diluted valuation of about $6.3 billion. The highly liquid altcoin has attracted more than $1.2 billion in total value locked (TVL), through its USDO Stablecoin.
Why Usual Protocols Matter a Ton
The Usual protocol debuted as a secure and decentralized fiat stablecoin issuer, which redistributes ownership and governance through the USUAL token. The Usual protocol aggregates the growing RWA industry from leading entities led by BlackRock, Ondo, Mountain Protocol, and Hashnote among others.
Earlier this week, the Usual protocol announced a strategic partnership with Ethena and BUIDL by Securitize to unlock higher yields in the stablecoins industry.
What Next
The mid-cap altcoin has been grinding higher in the past few weeks, but the short time frame suggests a potential correction on the horizon. With only 12.37 percent of the USUAL token in circulating supply, the altcoin faces higher potential selling pressure as airdropped holders seek to take profits.
From a technical analysis standpoint, USUAL price has been forming a rising wedge, as the daily Relative Strength Index (RSI) hovers in overbought territory of above 90 percent. Amid heightened greed for the USUAL token, a potential correction could push the altcoin toward the support level of around 65 cents.
