This week, crypto markets are showing signs of life as Bitcoin and Ethereum are seeing minor price growth. Metaverse Crypto coins continue to dominate the markets, with a recently released token, MarkMeta gaining over 1000% in price over the past 24 hours. Let’s look at this project and see why the price is rising so much.
What Is MarkMeta (MMT)?
Launched on February 15th, 2022, MarkMeta (MMT) is a Binance Smart Chain MMORPG game with realistic graphics built with the Unreal Engine. The project is created and owned by users with a mission to connect games, decentralized applications, and virtual realities via their Metaverse.
All in-game assets are tokenized as NFTs, enabling citizens of the Metaverse to build, create, and securely trade digital assets on The Big MarkMeta Marketplace.
The MarkMeta ecosystem will consist of education services like schools & universities, productivity services like business meetings and banking, economy services like Marketplaces, and entertainment services like gaming and shopping.
In addition, MarkMeta features a Decentralized Autonomous Organization owned wholly by its community, determining the future of the world and voting on various proposals.
MarkMeta is currently in development with the Marketplace, dApp, and Laboratory coming soon.
Why Is MMT Price Rising?
As a recently released project, MMT’s recent bullish price hike is most likely due to the natural FOMO hype that newly listed coins exhibit.
MMT is listed on PancakeSwap only, and all the volume is coming from that exchange. That’s good news because PancakeSwap is a reputable decentralized exchange with a high confidence score.
MMT’s current valuation is $173 million, with a 24-hour trading volume of $411k. A valuation of $173 million for a newly released project is relatively high, especially given that MarkMeta doesn’t yet feature a Minimum Viable Product or a dApp.
While MarkMeta’s vision is excellent, in my opinion, it would be wise to wait until the project releases a Minimum Viable Product in the form of a dApp before buying the token on PancakeSwap. Regardless, with how the markets are looking right now, MMT could continue its bullish momentum even with the inflated valuation.
Moreover, looking at the holders’ distribution, four contract addresses hold over 59% of the tokens’ supply, which is quite concerning.
Source: bscscan
The good news is the top address holding 29% of the tokens is a NULL address, which means the tokens have been burned.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
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