The crypto market is showing signs of life this week, with Bitcoin and Ethereum both witnessing slight price increases. On the metaverse side, we watched MarkMeta (MMT), a newly issued token whose price has increased by over 2,000 percent in the last 24 hours. Let’s take a look at this project and discover why the price is so high.
Why did the price of the Metaverse coin “MMT” rise?
The 2,000% explosion in MarkMeta (MMT) price is most likely the result of the normal FOMO frenzy experienced by newly listed cryptocurrencies. MMT is only traded on PancakeSwap and all volume comes from this decentralized exchange.
MMT reached $766,000 in 24-hour trading volume at the moment. This volume can be said to be a bit much, especially as MarkMeta currently does not have a Minimum Viable Product or a decentralized application.
Looking at the bscscan data above, what is alarming for the MMT token is that four contract addresses control 59% of its total supply, according to analyst Mark Arguinbaev. The good news is that the top address holding 29% of available tokens is NULL, indicating that these tokens have been burned.
What is MarkMeta (MMT)?
MarkMeta (MMT) is a BSC MMORPG with realistic visuals created with the Unreal Engine, released on February 15, 2022. Users set up and own the project with the aim of connecting games, decentralized applications and virtual worlds through their own platforms. Big MarkMeta Marketplace is the marketplace that allows metaverse players to develop, manufacture and securely exchange all their in-game items as NFTs.
Educational services like schools and universities, productivity like business meetings and banking services, economy services such as marketplaces, and entertainment services such as gaming and shopping are all part of the MarkMeta ecosystem. In addition, MarkMeta has a Decentralized Autonomous Organization (DAO) structure that is responsible for voting on various proposals that are wholly owned by its community. The Metaverse coin project is currently under construction and Marketplace, dApp and Laboratory are expected to be launched soon. Do not forget to take a look at the metaverse guides (section-1, section-2) that we prepared as Kriptokoin.com.
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