Maple Finance’s growth Faces SYRUP Token Challenges
Maple Finance is making strides, nearing $1 billion in active loans. However, its native token, SYRUP, is facing some hurdles.Despite a 355% surge from April lows, SYRUP’s momentum is slowing.
On-chain data reveals a decline in user adoption. New account creations have dropped substantially, from 1,085 on May 9 to just 37 recently.Daily active addresses have also fallen from 285 to 422. This indicates that SYRUP’s growth has stalled compared to its May surge.
Whales, too, are showing less interest. Addresses holding between 10 million and 100 million SYRUP tokens now hold 384 million, down from 395 million last week. Similarly, those with 1 million to 10 million tokens hold 228 million, while those with 100 million to 1 billion tokens have 458 million, down from 803 million in March.
Despite these challenges, Maple Finance’s network is expanding. active loans have jumped to $998 million, up from $220 million in January. Teh platform also achieved $2 billion in assets under management.
Maple’s growth may continue as it expands to solana (SOL) using Chainlink’s oracle. This integration has already seen a 35 million increase in syrupUSDC circulation on Solana within 24 hours.
Technically, SYRUP’s price chart shows a bearish double-top pattern with a neckline at $0.3184. The Relative Strength Index has formed a bearish divergence, suggesting the token may continue falling.
