3X Short BiLira Token price is $3,006.06
The price of 3X Short BiLira Token (TRYBBEAR) has increased today, currently sitting at $ 3,006.06. Over the past 24 hours, the value has experienced a change of +0.00%, reflecting the token's volatility in response to market movements.
3X Short BiLira Token (TRYBBEAR) is a cryptocurrency token that operates on the Ethereum blockchain. It's designed to offer traders exposure to leverage on the value of the BiLira, which is a stablecoin pegged to the Turkish Lira. Specifically, TRYBBEAR seeks to provide a return that is -3 times the daily return of BiLira. In simpler terms, if the BiLira's value decreases over a day, the TRYBBEAR token's value is designed to increase - and vice versa - at triple the rate of that daily price movement.
3X Short BiLira Token was created by the team behind the FTX exchange, a widely recognized cryptocurrency exchange platform. The token is part of FTX's suite of leveraged tokens, which give traders increased exposure to various cryptocurrencies without the complexities of managing a leveraged position manually.
TRYBBEAR is an ERC20 token that seeks to implement leverage trading in a tokenized form. When you buy TRYBBEAR tokens, you're essentially getting exposure to a short position on the BiLira at 3 times the leverage. The token's price moves inversely to the BiLira's daily performance, amplified by a factor of three. To maintain its target leverage, the token may be rebalanced daily, which can lead to compounding effects if the position is held for more than one day.
The uniqueness of TRYBBEAR lies in its ability to provide traders with a simplified mechanism to take leveraged short positions on the value of the BiLira without the need for margin trading. The token encapsulates the leveraged exposure within the tradable asset itself, which means traders don't have to worry about margin calls, lending rates, or collateral management.
The price of TRYBBEAR depends on the daily performance of the BiLira. Since the token aims to achieve -3 times the return of the BiLira, its price will adjust according to the BiLira's value fluctuations throughout the trading day. These adjustments are executed through the mechanism of rebalancing, which aligns the token's leverage ratio back to -3x daily.
The primary use of TRYBBEAR is for trading with the goal of gaining from the potential decline in the BiLira’s value. It's suitable for sophisticated traders who wish to engage in short-term trading strategies and can be used as a hedge against long exposure to the BiLira.
The market capitalization of 3X Short BiLira Token is currently $ , ranking it at #1 in the cryptocurrency market. This value is subject to frequent changes due to the volatility inherent in leveraged tokens like TRYBBEAR.
As of now, there are 3X Short BiLira Tokens (TRYBBEAR) in circulation. The total supply of the token is , which is designed to fluctuate depending on the token's leverage rebalancing mechanism and demand in the market.
3X Short BiLira Token (TRYBBEAR) can be purchased on the FTX exchange and other platforms that support ERC20 tokens. It is crucial for potential buyers to ensure they are trading on reputable exchanges listed as official trading venues for TRYBBEAR.
Keeping your TRYBBEAR tokens safe involves proper security practices, such as storing them in a secure cryptocurrency wallet—preferably a hardware wallet if not actively trading them. Also, applying two-factor authentication (2FA) on exchange accounts, using secure and unique passwords, and being wary of phishing attempts are key measures for safeguarding your investments.
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