The Price of Binance-Backed Altcoin Sudden Rise, Why?

Invested by Binance Labs in January 2021 Highstreet (HIGH) altcoin The altcoin of the project experienced a sudden rise.

HIGH, which has gained more than 28% in the last 24 hours, is up more than 200% on its weekly chart.

Weekly chart showing the rise in HIGH price.

Binance CEO’s Statement Starts 200 Percent Rally in HIGH Altcoin

The reason for the rise came after Binance CEO Changpeng Zhao said on January 28 that they are not in this business, so they are currently looking at other virtual reality and Metaverse games.

The HIGH token is the currency used to purchase products, real estate and management in Highstreet, which is available in limited quantities.

And HIGH token has a fixed supply of 100 million coins.

Highstreet raised $5 million on August 18, 2021 from investors including Mechanism Capital, Cherubic Ventures, NGC Ventures, Jump Trading.

And on October 14, 2021, it received a second seed investment led by Binance Labs and Animoca Brands.

Interestingly, however, the 20 wallets with the most HIGH tokens hold 94.84% of the total HIGH token supply.

The second seed investment was to strengthen the altcoin’s trade-focused Metaverse. As a result, Highstreet has moved to create the first metaverse marketplace where physical goods can be traded as non-fungible tokens or NFTs. Running on the Ethereum blockchain, the marketplace is designed for high-end brands to launch a limited number of products.

*Not investment advice.

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