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Why is Multichain (MULTI) Price Up By 70%?

Rene Peters Rene Peters
January 24, 2024
Multi

Multichain (MULTI) has seen a notable rise over the last 24 hours, with the token surging over 76% to trade at $3.18 at the time of writing.

The decentralized finance (DeFi) token reached an intraday high of $3.77 and a low of $1.50 during the same period. Trading volumes have also exploded, increasing nearly 2300% to $167 million.

Multichain, previously known as Anyswap, aims to be the go-to router for cross-chain transactions in the evolving Web3 ecosystem. The protocol connects different blockchains, allowing assets to be seamlessly swapped across chains like Bitcoin, Ethereum, BNB Chain, Polygon, and Avalanche.

Source: CoinStats – Start using it today

The reasons behind the latest price pump are not entirely clear. The broader crypto market has seen renewed interest in Web3 and DeFi projects recently. Multichain is well positioned to benefit as a key infrastructure player in this burgeoning space.

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As the multi-chain trend gathers pace in 2024, protocols like Multichain could see further adoption from developers looking to take advantage of interoperability between chains. This would drive more activity and value through the network.

The parabolic rally has propelled Multichain into the top gainers on leading exchanges like Binance. While potentially overheated in the short term, MULTI seems to have strong long-term fundamentals. With Web3 still in its early stages, Multichain has room to establish itself as a core cross-chain hub going forward.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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