Barely a month after its launch and being listed on the HotBit crypto exchange, Crypto Price Index (CPI) token has surged over 2,300%. During its listing, CPI tokens were exchanged for $5, and at the time of this publication, they were fast approaching $120.
The CPI rally is a representation of how a well planned and managed token project can succeed in the crypto industry. CPI token project is heavily backed by the Saudi Arabia affluent individuals, who are hoarding the vast majority of the tokens.
According to the company, Sheikh Abdulla Bin Rashed Al Sharqi took over the role of the co-founder after the UAE Royal acquired a significantly huge amount of shares in CPI back in 2019. With the UAE Royal popularly known for its business acumen, the CPI project is poised to largely benefit from this partnership.
Worries of pump and dump in the crypto industry make investors wary of putting their money in some dubious and ungoverned crypto projects. However, according to the parent company, the investors are in agreement not to dump the tokens in the market in order to continue improving its underlying market liquidity.
“My thought is since we restricted previous token sales it will allow a smooth transition to trading in the secondary markets,” said Herbert Law, CEO of CPI. “This prevents the big sell-offs commonly seen in the crypto market that are a result of poor planning,” he added.
To further aid in CPI market liquidity, the company is pushing for more exchange listing with different global currencies. This is a measure to ensure more crypto enthusiasts and investors can access the token with as much ease as possible.
“To aid liquidity and accelerate CPI’s adoption as one of Crypto’s hottest upcoming DeFi projects, CPI is now available on Bilaxy and Hotbit with listings coming up on BitForex and Digifinex on August 18th,” the company stated in a recent press release.
The CPI project is similar to the S&P 500 index that tracks the largest 500 companies by market capitalization only that it will be tracking the first 200 digital assets in terms of market capitalization.
As a result, the CPI project aims in assisting cryptocurrency investors to make informed decisions before investing. With the DeFi industry booming in the crypto industry, a lot of new projects are emerging, hence making it difficult for the investors to keep track of all of them and make a meaningful market decision.
Disclosure/Disclaimer: This press release is sponsored and provided by a third-party source and should not be viewed as an endorsement by ZyCrypto. Readers should do their own research before having anything to do with the company, goods, and/or services mentioned in the above article.
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