Tornado Cash TVL and token price increase despite market decline
The value of Tornado Cash (TORN) and the total locked value (TVL) in decentralized finance (DeFi) surged while the overall crypto market remained in a bearish consolidation phase.
In the last 24 hours, TORN has risen by 11.8%, currently trading at $3.36. The market cap of the asset has exceeded $17 million, with a daily trading volume of $51,000. TORN is currently ranked as the 957th largest cryptocurrency.
Today, TORN briefly reached a high of $3.39 around 08:40 UTC. Despite this recent price increase, TORN is still down by 99.23% from its all-time high of $437.41 on Feb. 13, 2021. Interestingly, the Tornado Cash token hit an all-time low of $1.31 on Jan. 10, five months ago.
The recent price surge of TORN contrasts with the global crypto market capitalization, which experienced a 0.5% decline in the last 24 hours, now standing at $2.67 trillion.
Data from Defi Llama indicates that the TVL in the Tornado Cash DeFi protocol rose by 7% in the past day, reaching $614.18 million – a level last observed on May 5, 2022. Wrapped Ethereum (WETH) holds the largest token allocation in the protocol.
Notably, the Tornado Cash DeFi protocol, which is an Ethereum-based privacy tool, saw $41.63 million in USD inflows today.
The decline of Tornado Cash began in August 2022 when the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the platform for money laundering. Shortly after the sanctions were announced, the founder, Alexey Pertsev, was arrested in the Netherlands.
On May 30, Ethereum co-founder Vitalik Buterin contributed 30 ETH to the Juicebox campaign “Free Alexey & Roman,” demonstrating support for the Tornado Cash developers.
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