Frax (FRAX) experienced a slight increase of 0.1% against the US dollar over the 24-hour period ending at 8:00 AM Eastern on February 1st. The stablecoin is currently valued at approximately $0.99 per token.
The market capitalization of Frax stands at around $274 million, with trading volume totaling about $51.11 million in the past day across various exchanges.
**Why this matters**
Frax is a fractional-algorithmic stablecoin designed to maintain price stability while offering scalability. Its steady price near $1 and consistent trading volume indicate ongoing market confidence and liquidity, which are important for users relying on it for transactions and decentralized finance activities.
Source: NewsData