Ethereum DeFi’s Ampleforth (AMPL) Drops 20% Despite “Whale” Accumulation

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Ampleforth (AMPL) has been one of the top-performing cryptocurrencies over the past month. The asset, whose long-term price performance is measured by its market capitalization rather than its nominal price, gained ~5,000% in July. The asset has seen a steep correction over the past week as the focus of crypto investors has been on Bitcoin and Ethereum. After a recovery, AMPL is dropping once again. This drop comes in spite of positive on-chain and social media signs, according to blockchain analytics firm Santiment. Ampleforth Drops 20% Despite On-Chain Data Indicating Accumulation According to TradingView data, Ampleforth (AMPL) has dropped 20% in the past 24 hours as it has also been impacted by the flash crash in Bitcoin. Ampleforth is an algorithmic stable coin that attempts to stabilize its price on the U.S. dollar in the long term. It responds to supply and demand by daily “rebasements,” which means that long-term…

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