Cream Finance is a project based on decentralized finance (DeFi) that offers an assortment of financial services. Users of the platform can lend various assets and borrow other assets in return. The project has been around for over a year, but presents an excellent buying opportunity.
$130 million hack
A massive exploit in October this year, allowed hackers to steal $130 million worth of assets, causing the price of the CREAM token to plummet more than 30% in a single day. Cream Finance tightened up security, and pledged to reimburse all losses to its users.
Such hacks have hit a number of projects this year, resulting in a mind-boggling $12 billion in losses in 2021. While many projects have the teams and funding to get through such setbacks, many fail to ever recover. This is a lesson in due diligence for both investors and crypto entrepreneurs.
Only time will tell how well Cream recovers, and if the victims will ever be compensated in full. Meanwhile, the drop presents a great buying opportunity.
Cream price analysis
During November, Cream’s price saw a steady decline hitting a low of $26 before climbing to the $30-43 range. Currently trading in this price area, about a tenth of its all time high of $368, it has stabilized and throughout the past week, has seen upward surges. This is usually an indication of bullish sentiment, setting the stage for greater gains.
This is one asset we expect to hold throughout January 2022 until early to mid-February when it is expected to rebound to the peaks seen in August 2021.
Here are my price predictions for CREAM:
- $70 (late December)
- $100 (early January)
- $150 (late January)
- $200 (early February)
- $260 (mid February)
Disclaimer: These prices are predictions and may or may not hit, especially the higher ones. Please do your due diligence, and only invest what you can afford to lose. Remember not to panic if prices fall, and to take regular profits when you deem fit.
CREAM is available on the Ethereum, Fantom, and Binance Smart Chain networks. One of the simplest way to buy it is on the Binance exchange. Sign up here if you have not already done so.