Puffer, a recent innovative platform in the Ethereum infrastructure, has been surging for the past 2 days, with prices reaching from $0.27 to $0.44 per token. Amidst the surge in meme coins and popular tokens like XRP and ADA, it is a relief for traders to see Ethereum’s Eigenlayer-based coin being accommodated in the bull run.
Despite a small correction of 1.31% today, the coin still continues its uptrend. However, compared to the initial rise in October, the price is 58.46% down. Let’s get into in-depth details regarding the reasons for the recent surge and figure out whether it is a good investment option or not.
What Helped PUFFER’s Uptrend?
The surge was initially driven by the listing of the coin on Bithumb. The inherent value of the project also attracted the attention of investors. Let’s get into the surge in depth.
- Listing on Bithumb: The trading of PUFFER on Bithumb began on Monday. As one of the prominent exchanges in South Korea, the exchange witnessed huge trading volume on the token. Along with PUFFER, the exchange also listed Biconomy ($BOCO) which soared to 20%.
- Value of the Project: The Puffer project is created with the latest sophisticated technology that delivers a 100% decentralized financial experience for the users. Various experts believe that Puffer has the potential to become one of the most popular apps in the Ethereum ecosystem.
What is Puffer Finance?
Launched in October 2024, Puffer is a layer2 solution for Ethereum that aims to push the boundaries of decentralization. The Puffer ecosystem includes Puffer LRT, UniFi Rollup, PufferDAO, and UniFi AVS. Many of these are in the testnet phase now.
The decentralized infrastructure with a trustless protocol will only work if the community that governs is passionate enough. The activities inside the platform suggest that it has a strong community.
PUFFER Token Details
| Token Ticker | $PUFFER |
| Chain | Ethereum ERC-20 |
| Contract Address | 0x4d1C297d39C5c1277964D0E3f8Aa901493664530 |
| Total Supply | 1 Billion PUFFER |
| Circulating Supply | 102.31 Million PUFFER |
| Market Cap | $39.06 Million |
| Hodlers | 64,898 |
PUFFER is mainly used for governance, voting, and managing the fee structure. Among the 1 billion total supply, around 10.23% is unlocked as the first circulating supply. More unlocks will happen later. 40% of the total allocation is for the ecosystem and community. Investors and other contributors will get 26% and 20% respectively.
Users can stake their PUFFER to mint $vePUFFER and earn rewards. $vePUFFER has various functions inside the protocol. If you stake for longer, you can increase your voting power. Also, the PUFFER airdrop is live, with the last date being January 14th, 2025. The Season 1 airdrop will distribute 7.5% of the total allocation while Season 2 will release 5.5%.
How to Purchase PUFFER?
As mentioned above, you can purchase it from Bithumb exchange. It is also available in Bybit, Bitget, Kraken, KuCoin, HTX, Gate.io, BingX, MEXC, and BitMart. However, as a platform that insists on decentralization, it is better if you purchase PUFFER from decentralized exchanges. The PUFFER/WETH pair is available in Uniswap V3 and the PUFFER/USDC is in DeGate.
Final Thoughts: Is PUFFER a Credible Investment?
The fundamentals of the coin suggest that PUFFER will be a valuable asset if you HODL it for the long term. Also, the coin has the potential to become a frontrunner in the upcoming altcoin bull run. However, the recent surge is based on the hype of the exchange listing.
The surge because of the exchange listing is very short-lived, and it will fade away slowly until another compelling narrative arrives. Avoiding the FOMO and waiting for a dip will be better for PUFFER. However, the final decision is yours. DYOR to verify the potential of the project.