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The multichain price skyrocketed above $2.3 on September 4 resulting in a 7500% surge in the token’s trading volume a day after. The September 4 MULTI price surge caught the majority of crypto traders by surprise, causing most to promptly invest in the crypto for fear of missing out (FOMO), which is the most likely reason why the trading volume has suddenly jumped.

While the price has retracted from yesterday’s high to trade at around $1.5, the majority of market participants are still asking why the price of the Multichain token suddenly went up on September 4. Well, below is an in-depth explanation of what caused the MULTI price to rise.

The current Multichain (MULTI) price surge is most likely attributed to the recent announcement by South Korean gaming developer Netmarble who announced last Friday that its blockchain branch, MARBLEX, has updated its multichain service Warp.

The MARBLEX’s Warp is a bridge service that allows users to exchange between MARBLEX’s native token, MARBLEX (MBX), and bridge token, MBXL, while allowing MBX tokens to move across blockchain networks.

The recent update on Warp allows BNB Chain users to access services including games and NFTs within the MBX ecosystem. This is expected to attract an influx of BNB Chain users seeing that MARBLEX entered into a strategic partnership with BNB Chain network in February to expand its multichain ecosystem.

The recent development is welcome news for Multichain users and MULTI holders especially since it comes two months after the news of the arrest of Multichain CEO Zhao Jun by the Chinese police leaving the project in crisis, which was the reason behind the two months MULTI price decline.

Multichain, previously known as Anyswap, has evolved from a mere decentralized cross-chain swap protocol with DEX trading and liquidity mining rewards to including cross-chain interactions.

MARBLEX is holding special events worth a total of $240,000 to celebrate the new Warp update. They include an offering of liquidity pools in two forms (USDT-MBX pairs and BNB-MBX pairs) on the PancakeSwap decentralized exchange.

MARBLEX also plans to reward users using MBX for staking in Syrup Pools within PancakeSwap.

The post Multichain (MULTI) price up 53% in a day: here’s why it is rising appeared first on Invezz.

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