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The price of the native asset of the cross-chain protocol Multichain, MULTI, has risen by 36% in the past 24 hours, despite no new announcements from the protocol and the network being partially unavailable.
MULTI’s Price Surges Unexpectedly
Rumors of the project team potentially being detained in China and the emergence of problems with the Multichain network had previously caused MULTI to drop from $8 to $3.30. In the last 24 hours, the altcoin’s price rose as high as $5.20 before pulling back a bit to its current price of $4.72 at the time of this writing.
Despite the absence of any update from Multichain about the whereabouts of its team, it remains unclear what exactly triggered the rise in the altcoin’s price. The sole recent statement from inside the project came from Multichain’s Strategic Partnerships Vice President, who goes by the name Mog. Mog recently noted in the official Multichain Telegram group that he would provide necessary updates if there were any new developments.
In the project’s Telegram and Discord channels, users are still awaiting an official statement, questioning the original superficial explanation given for why the network remains partially offline.
On the project’s Chinese Telegram channel, an admin named Meng stated that the network needs the return of the project’s co-founder Zhaojun to function fully. This statement has led to speculation that Zhaojun holds the signing authority for all transactions related to upgrades on the network.
Crypto Exchanges and Companies Pull Away from Multichain
Throughout the past week, various crypto exchanges and companies have taken actions to lessen or sever their connections with the Multichain network, its native asset MULTI, and tokens minted via the network. Among these are the Fantom Foundation, Binance, Hashkey Group, Tron’s founder Justin Sun, and the Conflux network.
