Mirror Protocol MIR/USD is a decentralized blockchain-based protocol for synthetic assets.
It was built on top of the Terra blockchain network, and its goal is to provide tools and features that in turn allow users to create their own synthetic assets, which are tokenized versions of real-life assets.
In fact, we covered a Terraform lawsuit against the SEC, which centered on the Mirror Protocol on October 25, 2021.
These synthetic assets, which are created through the utilization of the Mirror Protocol, are known as Mirrored Assets or mAssets.
The rebound as a catalyst for growth
The MIR token dipped in value in what is one of the biggest collapses it ever perceived after Vladimir Putin ordered military strikes against Ukraine.
To put this into perspective, the token dipped to as low as $1.0005 on February 24, which was its worst level to date, which occurred due to a selloff across the cryptocurrency market.
However, a sharp rebound ensued, which took the token, where on February 26, 2022, the token increased in value to $1.594, which marked an increase in value of $0.5935 or by 59%.
This put MIR as a token which was the highest returns when compared to many other competing crypto projects and tokens.
Should you buy Mirror Protocol (MIR)?
On February 27, 2022, Mirror Protocol (MIR) had a value of $1.456.
To truly see how far the token can climb in value and how it has historically performed, we will be going over the MIR token’s all-time high point of value, alongside the performance the token showcased throughout the previous month.
The all-time high value of the Mirror Protocol (MIR) token was on April 10, 2021, when it reached a value of $12.90.
When we go over the performance of the token throughout the previous month, Mirror Protocol (MIR) had its highest point of value on January 2, 2022, when it reached $2.493.
Its lowest point was on January 31, when the token decreased in value to $1.1138. This marked a decrease of $1.3792 or by 55%.
With all of this in mind, we can expect MIR to reach $1.8 in value by the end of March 2022, making it a solid token to buy.
The post Is MIR worth buying after it rebounded from its record low value? appeared first on Invezz.
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