MORPHO surged 30%, reaching a new all-time high

MORPHO, the native token of the Morpho Protocol, has experienced a significant surge of over 30%, reaching a new all-time high as the cryptocurrency market saw notable gains on New Year’s Eve. The token’s price hit an intraday high of $3.61, marking a new record amid a remarkable 153% spike in trading volume. Over the past 24 hours, trading volume for MORPHO surged to $144.7 million, and the token has seen an impressive 160% increase in value over the last month.

This price surge has pushed the total value locked (TVL) in the Morpho Protocol to an impressive $5.26 billion. The protocol’s TVL, daily fees, and monthly active users have all seen significant growth, driven in part by Morpho’s expansion into the Ethereum layer-2 ecosystem.

Morpho is an infrastructure platform for on-chain loans, offering a wide range of use cases, including credit card and savings functionalities, permissioned markets, and bridge asset deposits. The protocol has also secured notable integrations with platforms such as Moonwell, Centrifuge, and Coinbase, further boosting its visibility and usage.

The recent growth of Morpho has not only attracted individual traders but also institutional investors. This is evident from the successful $50 million funding round, which was led by Ribbit Capital and backed by major venture capital firms like a16z, Pantera Capital, Fenbushi Capital, and Coinbase Ventures. This strong backing positions Morpho well for continued growth, with investors showing confidence in its long-term potential.

Additionally, the broader cryptocurrency market has been buoyed by several factors, including the optimism surrounding the election of Donald Trump last November, which has contributed to the bullish market conditions and the surge of various DeFi tokens. However, recent regulatory developments, such as the U.S. Internal Revenue Service’s broker reporting rules, have sparked concerns among DeFi proponents, adding complexity to the ongoing market dynamics.