Out of the blue, Huawei, one of the largest companies in China, released a promotional video about the DeFi Defactor project. The move brought the project a 500% gain in just 24 hours, with a market capitalization of $13.5 million.
According to Coingecko, a new address created less than 13 days ago bought about 200,000 FACTR 12 days ago and sold everything today for a profit of nearly $25,000.
Source: Coinecko
The sudden increase in the price of Defactor has attracted widespread attention in the crypto community, and there has been much speculation about the reasons behind it. Some pointed to Huawei’s backing of the project as a company with significant influence in China, which no doubt helped drive up the token’s price.
In a tweet, Huawei claimed that Defactor is “a start-up that connects traditional finance with the new world of DeFi.” The company also urges people to see Defactor’s journey as part of Dogpatch Labs’ international expansion program in Ireland.
Defactor: The DeFi project backed by Chinese tech giant Huawei is up more than 500% in just 24 hours. @defactor_ @Huawei @吴blockchain @btcinchina https://t.co/bN4grmsJcS
— Kyptos (@azcoinnews) February 23, 2023
Defactor was born with the goal of creating a decentralized financial platform that allows users to invest in real-world assets such as real estate, stocks, and commodities using cryptocurrencies. Built on top of the BNB Chain, the platform aims to provide users with an easy and intuitive interface to invest in these assets.
The sudden rise in the price of the Defactor token is a clear indication of the growing interest in DeFi projects, especially those that offer exposure to real-world assets. As the world continues to move towards a more digital economy, it is becoming increasingly clear that DeFi has the potential to revolutionize the way people invest and manage their finances.
With the backing of an influential company like Huawei, coupled with interest from the crypto community, Defactor may continue its upward trend, at least in the short term. As always, investors should exercise caution when investing in cryptocurrency projects and think carefully before making any investment decisions.
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according to Kyptos
