Tornado Cash (TORN) has seen a significant surge in price and total value locked (TVL) in the decentralized finance (defi) sector, while the wider cryptocurrency market has been experiencing a period of consolidation with a bearish outlook.
In the last 24 hours, TORN has risen by 11.8% and is currently trading at $3.36. The asset’s market cap has exceeded $17 million, with a daily trading volume of $51,000, making TORN the 957th largest cryptocurrency.
The price of TORN briefly reached an intraday high of $3.39 earlier today around 08:40 UTC. Despite this recent price rally, TORN remains down by 99.23% from its all-time high of $437.41 on Feb. 13, 2021, hitting an all-time low of $1.31 on Jan. 10, five months ago.
The TORN price surge contrasts with the global crypto market capitalization, which has decreased by 0.5% in the last 24 hours to stand at $2.67 trillion. Data from Defi Llama reveals that TVL in the Tornado Cash defi protocol has increased by 7% in the past day, reaching $614.18 million – a level last seen on May 5, 2022, with Wrapped Ethereum (WETH) being the most prominent token in the protocol.
Interestingly, the Tornado Cash defi protocol, known for its privacy features and based on Ethereum, has seen $41.63 million in USD inflows today.
The downfall of Tornado Cash began in August 2022, following sanctions by the U.S. Treasury’s Office of Foreign Assets Control (OFAC) for alleged money laundering activities. The founder, Alexey Pertsev, was arrested in the Netherlands shortly after the sanctions were announced.
On May 30, Ethereum co-founder Vitalik Buterin showed his support for the Tornado Cash developers by donating 30 ETH to the Juicebox campaign “Free Alexey & Roman.”
In other news, meme coins have experienced a significant drop of over 10% following the crash of GameStop’s stock.