TotemFi’s TOTM cryptocurrency sees all-time-high price increase of 12,117.3 per cent on launch
TotemFi, the decentralised finance (DeFi) prediction markets platform for the crypto community, has launched its TOTM token cryptocurrency, which achieved a 12,117.3 per cent price increase to USD27.489 from its initial listing price of USD0.225. It’s currently trading at around USD2.85 on exchanges.
CEO Jolyon Layard-Horsfall says: “TOTM’s significant price increase on launch is testament both to the buoyancy within crypto markets in this current bull run, and also to the incredibly strong demand from investors for decentralised financial products and, specifically, prediction markets.”
The launch is the latest in a string of recent displays of investor demand for TotemFi’s product offerings; their strategic fundraising round was 12,000 per cent oversubscribed, with over USD30million in capital pledged from thousands of investors. Their IDO on centralised trading platform Gate.io had a hard-cap fundraising limit of USD20,000 and was 102,970 per cent oversubscribed, with 10,038 investors pledging a combined total of USD20.5million in capital.
CMO & Co-Founder Harry Horsfall says: “From the outset of this project we’ve witnessed a tremendous amount of support from our prospective investors and early adopters. We set out to change and disrupt the landscape of decentralised prediction markets, and the launch of our cryptocurrency was a major milestone in achieving that. All of our efforts are now directed at the development, implementation, and launch of our platform, so that we can bring non-punitive, staking-based predictions to the crypto community”.
When launched, TotemFi’s platform will allow investors to make non-punitive predictions on the future price of BTC – later expanding to other asset classes - on a given maturity, meaning users won’t incur any loss of their initial stake if their price prediction is inaccurate. The platform will also be the first on the market to offer users rewards in BTC, as well as native TOTM tokens.
TotemFi’s public sale listing is the final round of their fundraising process, with USD225,000 raised through a strategic sale, USD360,000 through private sale, and USD60,750 through seed funding. The TOTM token is currently trading on Uniswap and Gate.io, with plans for future expansion of exchange offerings in the pipeline.