After the news of the launch of the Sky Dream Mall metaverse and Stratis GBP stablecoin, the price of STRAX increased by 200% from its low of $0.365 on June 15 to its high of $1.20 on June 29, according to data from coinmarketcap. The price dropped the next day and is currently trading at $1.09, although it is still up from its low.
The record high for STRAX was $22.77 on January 8, 2018, more than four years ago. However, the coin’s record low was $0.011 on August 12, 2016, approximately six years ago.
Related Reading | Bitcoin Slides Under $20K – Another Collapse In The Offing?
In spite of the overall market downturn, per the CoinGecko information, Stratis, a blockchain-as-a-service platform, witnessed a notable gain in volume. And among STRAX, Numeraire (NMR) is another coin that shows a notable gain of 201.1% in the seven-day chart. NMR is an Ethereum token that fuels Numerai (a San Francisco-based hedge fund).
Since Stratis has a comparatively strong growth momentum and increased by more than 140.9% over seven days, it is defying expectations in the current bear market. The term “bear market” so refers to a market where commodities or securities’ values are consistently decreasing.
Reasons Behind STRAX Price Spike This Week
Currently, two of the factors are driving the increase in STRAX’s price this week. The first is the Stratis GBP stablecoin announcement, and the second is the Sky Dream Mall metaverse launch.
In a blog post published three days ago, Stratis said that it is making progress in its attempts to introduce the Stratis GBP stablecoin:
Plans to launch a Great British Pound Token (GBPT) stable coin using Stratis technology are progressing with ‘Stratis Investment Group Limited,’ a new entity created that will be used for the Stratis GBP stablecoin.
However, Price Waterhouse Coopers (PwC), according to the company, is assisting it in obtaining the necessary licenses from the Financial Conduct Authority (FCA).
The post also stated that blockchain technology offers a significant chance to streamline cross-border and wholesale payments as organizations like Visa are becoming more open to accepting stable coin payments.
Polycarbon Games announced on Twitter on June 25:
Sky Dream Mall, a metaverse powered by Stratis Blockchain Coming soon!
The idea of Stratis launching the metaverse front could also be a major motivator behind widespread acceptance in the cryptocurrency industry.
Related Reading | Mining Operators Fret As Bitcoin Looses Ground, What Lies Ahead For The Mining Community
While a few individuals concentrate on the benefit this metaverse will offer, a far more significant number is intrigued by the possibility of financial gain from a metaverse investment.
Investors cannot ignore the fact that Stratis is establishing itself with Sky Dream Mall as a major player who will be important in the developing Web3.0 world.
Featured image from Pixabay, chart from Tradingview.com