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When I first wrote about PunkStrategy on September 8th, the $PNKSTR market cap was ~$1M. Fast forward to today, and the token's market cap is now over $21M.
If you missed that article, PunkStrategy is an automated CryptoPunks trading protocol by TokenWorks. The gist: people trade $PNKSTR, meanwhile a 10% swap fee builds up an ETH treasury. When enough ETH has been raised, PunkStrategy then buys the cheapest CryptoPunk available and immediately relists it for sale at 1.2x its purchase price. The ETH from any 'Punk sells is then used to buy and burn $PNKSTR, round and round.
It's a straightforward loop. And it's been humming along well and attracting traders if the $PNKSTR 20x market cap surge since last week is any indication. In that span, PunkStrategy has bought 9 'Punks, resold one, and decentralized its smart contract.
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