CREAM Price Soars 60%. Key Reason Why

CREAM, a popular token in the realm of decentralized finance, has witnessed a significant price surge of 60%, according to data provided by CoinMarketCap.

This ascent in price is largely attributed to actions undertaken by Jeffrey Huang, also known as Machi Big Brother, making CREAM the best-performing altcoin of the day.

Understanding CREAM's ascent

CREAM is a part of Cream Finance, a decentralized finance (DeFi) protocol aiming to offer a wide array of financial services such as lending and borrowing, on the Ethereum blockchain.

According to blockchain sleuth Lookonchain, Machi Big Brother withdrew 215,236 CREAM, equivalent to approximately $4.04 million, from Cream Finance.

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Rather than liquidating the assets immediately, he opted to stake them once more, suggesting a long-term bullish outlook on CREAM.

It is worth noting that Machi Big Brother has sizable impact on the cryptocurrency market. He played a significant role in the price fluctuations of Bored Ape Yacht Club NFTs, impacting the NFTs' floor price significantly through large-scale sales and purchases of these digital collectibles.

Worst-performing coins

While CREAM basks in its newfound success, other coins have not shared the same fate. Notably, Zap Protocol (ZAP) and xDai Chain (STAKE) experienced significant depreciations, registering 13.8% and 13.4%, respectively, whereas Akropolis (AKRO) saw a decline of 9.5%.