Following Trump’s announcement of a strategic crypto reserve, the crypto markets saw major bullish momentum. One of the tokens that benefited
The crypto markets displayed substantial bullish momentum following President Donald Trump’s announcement of a U.S. crypto strategic reserve. Among the tokens that reaped the benefits of this development was UNUS SED LEO, propelling it to the 13th position among all crypto assets.
On Monday, March 3, the utility token of Ifinex, recognized by its Latin name, UNUS SED LEO, which translates to ‘one, but a lion,’ reached a new all-time high of $10.01. This token is intrinsically linked to the ecosystem of the Bitfinex crypto exchange, which Ifinex owns.
The immediate factor contributing to LEO’s price surge was President Donald Trump’s recent announcement of a U.S. crypto strategic reserve, which ultimately drove the market upwards. However, UNUS SED LEO had been steadily increasing in value even prior to this, relying on its robust burn mechanics.
Like Binance’s BNB token, UNUS SED LEO derives a significant portion of its price increment from exchange buybacks. Specifically, Ifinex allocates 27% of its consolidated gross revenues each month to repurchase the tokens. Moreover, the exchange is committed to utilizing 80% of the funds recovered from the Bitfinex hack for the burn. The company promises to continue buying the tokens until none remain in circulation.
This year has seen a major increase in the token’s price, which is directly linked to Bitfinex’s revenues and the overall market performance. When trading volumes rise, so do Bitfinex’s profits, leading to greater token buybacks.
Due to its deflationary mechanism, the token is directly correlated with Bitfinex’s revenues. As the Bitfinex exchange performs well, Ifniex can buy back many tokens, boosting demand and the price.
Centralized crypto exchanges remain the dominant hubs for crypto trading. As long as this continues, CEX tokens like LEO will play a major role in the crypto markets.
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