Ether.fi (ETHFI) Price Jumps 215% as Its Total Locked Value Hits a Record High

Ether.fi, a top staking network on Ethereum, went on a short squeeze as its total locked value jumped to a record high.

Ether.fi (ETHFI) price soared on Sunday as the top staking network on Ethereum continued to short squeeze. The token’s price rose to $1.1397, which was 215% higher than its lowest level this month. This brought its market cap to over $273 million and its fully diluted valuation to $1.17 billion. Its 24-hour volume jumped by 291% to $493 million.

Several factors contributed to the ETHFI token price surge. First, the total value locked in its ecosystem rose to an all-time high of 2.72 million ETG, compared to January’s 2.42 million. The TVL had fallen from 46,000 in January last year.

The TVL has risen to $6.86 billion in U.S. dollar terms, making it the fourth-biggest player in the decentralized finance platform.

This growth has led to a huge increase in its weekly fees. DeFi Llama data shows that the weekly fees rose to $3.1 million, its highest point since February this year. Ether.fi’s monthly revenue also soared to $2.4 million, with a portion of it going to its token buyback.

April protocol revenue totalled $2.4M (avg ETH price $1,716). A portion of revenue will be utilized for $ETHFI buybackshttps://t.co/IBC0U0WVtf

— Ether.fi (@etherdotfi) May 1

Ether.fi’s network has done well in the past few days because of the ongoing Ethereum (ETH) price surge. After crashing to a low of $1,388 in April, the Ethereum price surged to a high of $2,595, its highest level since February.

Other Ethereum DeFi networks have also had inflows as its price jumped. As a result, the total value locked in its network has risen by 43% in the last 30 days to over $130 billion.

ETHFI price technical analysis

The daily chart shows that the ETHFI price has rebounded in the past few weeks, moving from a low of $0.3937 in April to over $1. It has also soared above the 50-day and 100-day Exponential Moving Averages, a sign of gaining momentum.

ETHFI, which Arthur Hayes backs, has also retested the important resistance point at $1.50, the lowest point in August, September, and November last year. Therefore, the coin’s price will likely keep going up, with the next point to watch being at $2.