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Over the weekend Jack Dorsey, founder and CEO of both Twitter and Square, stated that Hyperinflation was coming to the United States and would permeate to the rest of the world then. Since this comment was made I decided to check and see how AMPL was doing since I had been acquiring it in my PUBLISH0X wallet for a couple of weeks and man was I surprised. AMPL was trading right around $2 instead of its peg of $1.
For those of you who do not already know AMPL or Ampleforth is an algorithmic stablecoin. This means that the amount you have in the coin is equal to the purchasing power you bought in at. So when the coin increases in value to keep the price down all holders of the coin will get more AMPL or if it falls below the peg the supply will decrease so that your purchasing power within AMPL will remain the same. The idea behind this is it will equal or beat inflation that is occurring with the dollar and really all currencies at the moment.
However, with AMPL having BLOWN past the peg, it is more concerning. While AMPL holders are catching a huge windfall for their tokens this is double the peg price. It is actually almost to the 52 week high as well due to the huge surge in demand driving up the price. It also has not moved the price of FORTH, Ampleforths governance token, hardly at all which I found surprising. I have to admit though that as soon as my AMPL did hit my KUCOIN wallet this morning I locked in the gains by swapping it for USDT.
It is due to rebase in a few hours so I hope that this significantly cuts into the extremely high cost. If it does and it continues to keep going up this would be a really good sign for the token as it is coveted and working! This in turn should drive up the price of FORTH which will make me really happy since I still have a nice stash of left! I have to say though I was amazed at this price spike and it really caught me off guard. I am optimistic that this continues to function as it has and that the rebases will encourage further adaptation across the cryptosphere!
Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it!
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