May 22, 2024

Why Is Moonriver (MOVR) Crypto Price Soaring Today?

Moonriver (MOVR), one of the top movers in the crypto market lately, has locked in seven-day gains of over 400%. Meanwhile, the investors seem to be shifting their focus towards the crypto lately, as evidenced by the recent surge in the crypto’s price.

In addition, it surged over the $40 mark recently, which was indeed a turning point. However, netizens have been wondering why the MOVR crypto price is soaring beyond limits. Though the hype is inexplicable, several factors lead to it.

Reasons Behind MOVE Crypto Price Hype

The surge in MOVR price can be attributed to the upward movement of L1 blockchains like Polkadot and Kusama, as evidenced by the gains in DOT and KSM prices. Moonriver, a prominent Ethereum-compatible para chain on the Kusama network, is naturally benefiting from the overall momentum in Kusama.

The MOVR surge indicates potential bullish activity across the broader Polkadot ecosystem. A substantial influx of funds into DOT, KSM, and related projects might also have helped gains in the MOVR price.

Also Read: Polkadot’s Growth Beyond Inscription-Driven Activity Is Crucial

Moonriver Crypto Price

The MOVR price added a whopping 42.33% to its value as it traded at $34.31 during writing on Monday, December 25. The hyped digital asset has skyrocketed by about 420% in the past seven days, resulting in newfound hope for bulls. In addition, the crypto attained a new 52-week high of $43.73 on Monday.

The MOVR crypto market cap increased by 41.61% and was $294 million. If the gains continue, it could soon capture a market capitalization of $300 million. Furthermore, the 24-hour trade volume spiked by 70.49% to $888.58 million, underscoring the unwavering demand.

However, despite the rapid price hike, concerns arise about the possibility of an “oversold” move. Moreover, the absence of direct project announcements could further fuel these concerns.

Also Read: Crypto Price Prediction For December 24th: Mina, RUNE, DOT

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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