Cream Finance Soars Over 80% Amidst Release of 3-Year Staking Contract

Cream Finance Soars Over 80% with 3-Year Staking Contract Release

On September 24, Spot On Chain reported that Cream Finance disbursed 241,415 CREAM tokens, valued at $4.27 million, to 19 different addresses over the past 10 hours. Notably, prominent figure Huang Licheng (known as Machi Big Brother) received the lion’s share, obtaining 215,236 CREAM tokens worth $3.8 million, and subsequently staked them.

Source: Spot On Chain

Apart from Huang’s involvement, 13 other addresses have sold 5,409 CREAM tokens, valued at $99,200, through various platforms such as Binance, Gate, or decentralized exchanges (DEX).

CREAM price chart. Source: TradingView

The Increase Does Not Suggest the Potential for Sustainable Growth

Cream Finance, part of the expanding decentralized financial ecosystem, is positioned as an open-source, permissionless, and blockchain-agnostic protocol. It aims to provide access to financial services for institutions, individuals, and other protocols.

However, caution is advised, as short-term price fluctuations may not signify sustainable growth. Additionally, Huang Licheng recently withdrew from a lawsuit involving on-chain detective ZachXBT, which brought to light allegations of embezzlement related to Huang’s previous involvement in crypto projects. Huang has vehemently denied these accusations.

As Cream Finance continues to make waves in the crypto space, investors are advised to exercise prudence in response to volatile price movements and ongoing controversies surrounding key figures like Huang Licheng.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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