Moonriver’s native token MOVR erupted higher on Tuesday, gaining 47% to over $7 to rank as the second-biggest gainer on Binance. The powerful upside move comes without any major project announcements to explain the rally.
Over the past week, MOVR has rocketed 63% higher, extending its 30-day gain to 73%. The altcoin currently trades at its highest level since mid-September.
Source: CoinStats – Start using it today
Moonriver provides an Ethereum-compatible smart contract parachain on the Kusama network. It functions as a canary network for the related Moonbeam project on Polkadot.
By offering full EVM compatibility and Web3 APIs, Moonriver serves as a proving ground for Ethereum developers to test apps before deploying them on the Moonbeam mainnet.
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The lack of significant project updates from Moonbeam/Moonriver makes interpreting the rally difficult. Speculation around the network activity migrating from Kusama to Polkadot may be fueling bullish sentiment.
Moonriver’s surge comes amidst a broad altcoin resurgence as Bitcoin trades rangebound. Traders will watch whether the altcoin can sustain this newfound momentum or if the 47% single-day spike represents an unsustainable short-term top.
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