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SUI, the attention-grabbing project from Mysten Labs, has officially entered the cryptocurrency realm. SUI, listed on numerous cryptocurrency exchanges today, demonstrates that significant volume has gravitated towards it with its dramatic price fluctuations. Despite capturing everyone’s attention with its substantial 24-hour trading volume, Coinbase, one of the world’s largest cryptocurrency exchanges, listed another coin that did not go entirely unnoticed. Coinbase announced the listing of Multichain (MULTI). But what is MULTI, and how has its price been affected?
Coinbase Lists Multichain (MULTI)
Coinbase officially revealed the listing of Multichain (MULTI) in a recent announcement. However, the Ethereum-based MULTI did not experience the anticipated “Coinbase Effect” following this news. At the time of writing, MULTI appears to have gained a mere 5%. The Coinbase Effect is generally characterized by a 30% or more increase in the price of a listed cryptocurrency. So why has MULTI been so lackluster? The likely culprit is the ongoing SUI craze, as one might expect.
Over the past 24 hours, MULTI has attained a trading volume of only $5 million. In contrast, SUI has shattered records with a 24-hour trading volume of $826 million. Despite losing 40% since its initial listing and market entry, SUI remains immensely popular. SUI, also listed in the futures category of leading exchanges such as Binance, is poised to offer investors short and long position opportunities.
MULTI: A Closer Look
What exactly is MULTI, the cryptocurrency listed by Coinbase that failed to generate the expected bullish momentum? Multichain, bearing the tagline “enterprise blockchain that truly works,” pledges to reduce private enterprise blockchain network development time by up to 80%. Multichain also purports to offer boundless asset support and blockchain customization. Coin Sciences has been developing the project since 2017. It is unsurprising that Multichain has garnered attention lately, particularly amid the recent emphasis on multi-blockchain network support and cross-network interaction features. It is noteworthy that German software giant SAP recently endorsed MULTI.
