MORPHO spikes 30% to hit new all-time high

MORPHO, the native token of the Morpho Protocol, surged more than 30% to hit an all-time high as cryptocurrencies posted significant gains on New Year’s Eve.

The Morpho token reached an intraday high of $3.61, setting an all-time high amid a 153% increase in trading volume. Transaction volume in the last 24 hours amounted to 144.7 million dollars. MORPHO’s price has increased by more than 160% in the past month.

Gains from the decentralized finance protocol bring the total value locked in Morpho to $5.26 billion.

The protocol’s TVL, daily fees, and monthly active users have increased as Ethereum expanded into the layer-2 network ecosystem.

Morpho, an infrastructure platform for on-chain loans, provides a variety of use cases including credit card and savings functions, permissioned markets, and bridge asset deposits. The protocol has notable integrations with platforms such as Moonwell, Centrifuge, and Coinbase.

Therefore, interest in its product has attracted not only traders but also large institutional investors. This was also seen in the project’s recent $50 million funding round, which attracted crypto venture capital powerhouses.

Ribbit Capital led the strategic round, but those backing Morpho also include VC giants a16z, Pantera Capital, Fenbushi Capital and Coinbase Ventures. This support provides a great foundation for Morpho, and investors are bullish on the long-term potential. The election of Donald Trump last November also boosted the broader industry, with many DeFi tokens soaring during the bull market rally.

The latest move by the US Internal Revenue Service, in particular, arms DeFi advocates against broker reporting rules.