Significant price corrections like the one see in May inflict widespread pain for a majority of market participants and can be a death sentence for struggling projects as token holders capitulate and dump their holdings for any price offered.
While these periods are useful to help shakeout the weak hands and weed out unnecessary projects, they also offer strong performers the opportunity to stand out from the crowd and attract the attention of eager investors looking for a safe haven during choppy markets.
Two projects that have been more resilient than crypto majors and are down less than 20% from their highs established prior to the May 18 market sell-off are Solana (SOL) and Enzyme (MLN).
Enzyme benefits from the Coinbase bump
Out of the top 200 coins, Enzyme has outperformed the field in terms of bouncing back following the sell-off as the MLN token surged 150% from a low of $75.50 on June 4 to a high at $185 on June 7, propelled by a record $45 million in 24-hour trade volume.
Enzyme is a decentralized finance (DeFi) protocol designed for on-chain asset management and meant to empower investors to build, scale and monetize investment strategies that can be utilized by other members of the Enzyme community.
After a relatively quiet start to June, Enzyme began receiving more notice on Twitter beginning on June 6 with Messari analyst Jack Purdy pointing out that “even with prices down 40% from a few weeks ago Enzyme AUM are still close to all-time highs.”
While there was no major developments for the protocol as the price started to rise significantly beginning June 4, the June 8 revelation that MLN would be added to Coinbase Pro appears to be the driving force behind the tokens recent surging price demonstrating that the Coinbase bump still has the potential to move prices.
Starting today, inbound transfers for GTC, MLN & AMP are now available in the regions where trading is supported. Traders cannot place orders…