Metis Token (METIS) is on the rise in the $360 million ecosystem grant rally. Also today, many altcoins saw an increase. These altcoins include tokens such as BNB, BAKE, PERP, 1cat and ZOOA. Here are the details…
METIS took flight
Metis (METIS), the native cryptocurrency driving Layer-2 network Metis, is on an exciting journey, witnessing an impressive rise of up to 50% in the last 24 hours. This surge, driven by excitement around a previously announced grant, marked a key moment in its trajectory, triggering a significant increase in investor interest in the token and its associated projects. The increase in price increased 30-day gains to a staggering 240%. It experienced a remarkable jump, detailed in data compiled by Coingecko. Moreover, this increase was accompanied by an exponential increase in transaction volumes. It rose from a modest $2 million in early December to an impressive $50 million on Tuesday.
As part of the Layer 2 suite of scaling protocols, Metis has a critical role in enabling users to transact on the Ethereum blockchain at faster speeds and lower fees. This unique positioning has allowed the platform to develop its own ecosystem projects and tools, contributing to its evolving success. The MetisDAO Foundation, which manages Metis, recently announced a monumental step forward: the Ecosystem Development Fund (EDF). With a major allocation of 4.6 million METIS valued at over $360 million at current prices, EDF strategically aims to initiate development within the Metis ecosystem, increase liquidity, stimulate activity and encourage adoption.
Related projects also increased
Expectations are high among users who are eagerly awaiting the distribution of rewards trickling down from these initiatives. These rewards are expected to be transferred to applications created on the Metis network. This palpable expectation has led to a significant increase in the value locked in Metis projects, catapulting the value from a meager valuation of less than $100 million just a week ago to over $500 million. The enthusiasm and momentum in the Metis ecosystem was also reflected in related projects. The tokens of these projects witnessed remarkable increases: Maia’s MAIA token increased by 97%, while Hermes’ HERMES token witnessed a phenomenal increase of 140%.
Other notable market movements for coins like BAKE
The broader cryptocurrency market has witnessed significant movements alongside the rise of Metis. BNB rose 9.48% to over $290 in a short time. Tokens like ZOOA connected to the Bitcoin BRC20 ecosystem aggregation platform have seen a staggering 400% increase since listing on Kucoin. Bitcoin Cats (1cat) broke the $0.008 barrier, rising over 22%, while BAKE experienced a significant increase of 29%, briefly surpassing $0.8. Meanwhile, PERP increased by a significant 37%, reaching $1.2 within a day.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.