Centrifuge Token Sees Record High Amid Upcoming Migration
The Centrifuge token (CFG) reached its highest point since January, driven by anticipation for an upcoming token migration. On Friday, CFG soared to $0.2850,an 180% jump from its lowest point this year. This surge increased its market cap to over $106 million.
The migration, scheduled for May 20, will move the Centrifuge governance token to Ethereum. This change is crucial as it brings the network closer to full Ethereum Virtual Machine compatibility. The shift aims to improve governance and facilitate more exchange and decentralized finance integration.
Following the migration, the CFG supply will rise from 560.246 million to 675 million. The extra tokens will fund incentives for decentralized finance users and support strategic initiatives.
Additionally, the surge in CFG coincides with a rise in assets within the Centrifuge ecosystem to a record $441 million. This includes significant investments in the Janus Henderson Anemoy Treasury Fund.
CFG’s price chart shows a climb to $0.2735, aligning with the lowest swing point from October last year. Given the current setup, CFG may continue to rise, potentially reaching $0.50 before the migration. However, a pullback may follow as investors sell after the event.
For more details, visit the Centrifuge official page.
