Why is Treasure (MAGIC) Price Up?

TreasureDAO’s MAGIC token has seen a dramatic surge over the past 24 hours, vaulting as much as 20% amid a spike in trading volumes. The powerful move makes the metaverse gaming token one of the top gainers on the leading exchange, Binance. However, the exact catalyst behind the rally remains unspecified.

At press time, MAGIC changed hands around $1.30, which marks a 16% spike. Trading activity also ramped up markedly, with 24-hour turnover topping $285 million, representing a surge of over 350% compared to usual daily volumes.

The sharp uptick in investor interest and token buying suggests speculation swirling based on certain rumors or announcements. However, TreasureDAO has yet to release concrete details around what’s catalyzing the powerful upside momentum.

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In essence, though, while the exact reasons remain unclear, Magic’s technical breakout and surging volume indicate significant conviction returning around the token’s outlook.

However, MAGIC is still down by almost 80% from its all-time high of $6.32 in February 2022. Interestingly, MAGIC has also exhibited 500%+ gains in a span of four months since its all-time low of $0.1837 in November 2021 to its all-time high.

The team has a strong X account with over 180,000 followers and is quite active. MAGIC was also recently listed on Bithumb according to the details from their earlier tweet. One interesting thing about the project is that it sits on Arbitrum, one of Ethereum’s top Layer 2 scaling solutions. Arbitrum has also witnessed notable growth recently, which could also provide a boost to its ecosystem tokens.

The powerful move cements MAGIC’s status as a standout gainer as traders pile back in with bullish anticipation. However, without official announcements, uncertainty persists about how sustainable the parabolic spike proves to be. Still, further upside towards the $2 range appears likely should momentum continue unabated in the near term.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency