The Stafi (FIS) protocol’s governance token has seen a strong surge in the last 24 hours, pushing its gains to over 13% in the past week. Currently trading at $0.29, FIS has outperformed all major cryptocurrencies as they are still recovering from volatility.
So what is driving the price of FIS? As the Staking Finance protocol, it allows users to access liquidity of assets staked. Additionally, FIS is used to charge transaction fees. As investors and traders become more aware of the benefits of staking and DeFi protocols, they are turning to FIS and other tokens and coins.
On-chain data from Market Intelligence Platform Santiment shows that FIS is one of a handful of altcoins that have seen an increase in whale accumulation. According to the firm, the whales have been “most active” in the ecosystems of aelf (ELF), Cream (CREAM), Stafi (FIS) and Linear (LINA) networks, with an increase in whale deals involving more than $100,000.
Santiment analysts have noted that “these projects have a higher probability to see big swings this week.” With the recent addition of rTokens Polygon (MATIC) and Cosmos Hub (ATOM) to the Stafi protocol, the interest in FIS will likely continue to rise.