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Despite the fluctuations in Bitcoin‘s price, the overall market uptrend has not completely reversed, at least not for now. This allows the big news of popular cryptocurrencies to continue to be presented in a way that triggers price increases. With the latest announcement, the expected happened, and Ethereum’s layer2 solution turned the direction of the popular cryptocurrency upwards.
Why is METIS Coin Rising?
Ethereum‘s l2 solution Metis’s native token experienced a double-digit rise following the announcement of a development fund for the ecosystem. According to the protocol’s statement, product developers on the network can apply for the Metis Ecosystem Development Fund. Such funds are made to increase the number of products in demand within the ecosystem and to maximize network utility.
Smart contract platforms that want to keep their community vibrant and increase product diversity attract developers with grant announcements. The allocation of 4.6 million METIS Coins, worth over 100 million dollars, is also exciting; many popular networks do not dare to announce such large funds, and Metis has done something that resonates.
Metis aims to be the first fully decentralized Ethereum layer2 solution by the end of 2023.
METIS Coin Commentary
Metis DAO (METIS) is currently continuing the day with a volume increase of 222%, at over 28 dollars. The altcoin, which reached its all-time high price of 323 dollars in 2022, is nearly 600% above its May 2021 ATL level of 3.29 dollars.
In the last 72 days, gains have risen over 174%, and METIS Coin has taken its share from the BTC rally. The altcoin, which is struggling to surpass its May peak, could test the 2023 highs of 36 and 44 dollars if it can close above 29 dollars. The cryptocurrency experienced significant increases in the first half of the year and then melted like the others.
We will see whether the impact of the ecosystem fund on the price will be permanent. For now, maintaining 25 dollars as support could keep the faith of investors expecting the rally to continue. On the other hand, a return to the supports of 21.84 and 17 dollars is possible.
BTC was trying to reclaim the 41,500 dollar level at the time of writing, but it still cannot give signals that the last correction has definitively ended.
