Metal DAO’s MTL token has experienced a 15% rise in price action today. This surge comes as the project prepares for a major upgrade and migration to its own Layer 2 network. The following paragraphs look at this in detail and cover all that you should know about the upcoming upgrade.
The recent price action appears to be driven by anticipation of a significant upgrade to the Metal DAO ecosystem. According to an announcement from the official Metal L2 X account, the project is planning a smart contract upgrade that includes an airdrop of the new MTL v2 token.
Key details of the upgrade and airdrop:
- Snapshot Date: June 24, 2024, at 11:00 UTC+8
- Airdrop Date: June 26, 2024, at 11:00 UTC+8
- Migration from Ethereum mainnet to Metal L2
- 1:1 ratio for MTL v1 to MTL v2 tokens
The upgrade follows the successful passage of the Metal DAO governance proposal MIP-001 on April 5, 2024. This proposal outlined plans for transitioning to Metal L2 and allocating funds for development and maintenance.
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Ecosystem Developments and Support
The Metal DAO ecosystem is expanding its reach within the broader cryptocurrency landscape:
- Collaboration with Velodrome, a major DEX on the Optimism Superchain
- Integration of the Digital Banking Network with other Superchain ecosystem projects
- Support from various wallets and exchanges for the upcoming upgrade and airdrop
Holders of MTL tokens on supported platforms like Metal Pay, WebAuth, and Metal X will be automatically included in the snapshot for the airdrop. Users of other wallets are advised to migrate their tokens to supported solutions before the snapshot date.
MTL Price Predictions
As the MTL token gains traction, analysts are sharing their price targets and technical analysis:
- Decilizer (@decilizer on X) suggests a near-term target of $2.8, with $1 serving as a support level. They also note a potential downside support at $0.78 if momentum wanes.
- Crypto GVR (@GVRCALLS on X) maintains a bullish outlook, projecting a long-term target range of $2-3 for MTL.
These predictions indicate a potential upside of 53% to 130% from the current price levels, assuming the bullish trend continues.
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