After an epic rally in June and July, the grim reality has now dawned on traders trying to profit from moves in ampleforth (AMPL), as a unique feature of the hyped DeFi (decentralized finance) protocol is burning traders who didn’t pay attention to crucial details in the coin’s technical design.
As of press time (10:48 UTC), the price of AMPL was down by 51% over the past 24 hours, trading at USD 0.73. However, the price is still up from its daily lows of USD 0.63. AMPL is also down by almost 60% in a week and a month.
AMPL price chart:
AMPL originally launched as a type of a stablecoin alternative in 2019, and aims to algorithmically stabilize purchasing power through a fluctuating monetary supply in a process known as “rebasing,” which appears to be what is burning many traders at the moment.
