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DRIFT token price has been climbing for seven days, boosted by Multicoin Capital’s forecast of it reaching $3.58.
According to CoinGecko, the Drift Protocol (DRIFT) rose from $0.578920 to $0.708033. At the time of writing, the price has returned to $0.67.
DRIFT Token Is Up Over 60% in 7 Days
The Drift Protocol has been growing for the last seven days. From September 7 to 10, the price was between $0.40 and $0.45. On September 11th, the DRIFT token jumped sharply to $0.547502.
$0.708033 remains the weekly ATH the DRIFT token reached during this period.
The likely reason for this growth is the analysis of Drift Protocol published by investment firm Multicoin Capital. Analysts suggest that the token’s price may rise to $3.58.
Multicoin Capital did it. $DRIFT pic.twitter.com/ZPj16FAyYr
— Cryptonic (@Cryptonic_KR) September 12, 2024
Drift Protocol: Part of Solana Ecosystem
The Drift Protocol is a decentralized exchange (DEX) that operates on the Solana blockchain.
One of the downsides of DEXs is that they don’t offer many trading tools. The Drift Protocol aims to solve this problem by offering perpetual futures, leverage, and even allowing users to place bets on the platform.
Additionally, on May 16th, the airdrop of DRIFT began. According to official project data, 97.8 million tokens have already been claimed, which is 92.32%.
Drift Protocol Is Among the Top 10 Chains on Solana by TVL
According to DeFiLlama, the Drift Protocol ranks 7th in Total Value Locked (TVL) among other chains on Solana with $376.28 million.
The Drift has managed to overtake Orca, one of the first decentralized exchanges on Solana, in terms of TVL. The Orca now ranks 9th with $275.88 million.
