It is not a rare occasion in the cryptoverse for any asset to double its price over a very short time. This is also one reason why finding any correlation between global stock markets and the crypto market might be of no use.
The latest cryptocurrency to literally double its price in fewer than 24 hours is Mithril (MITH). The 24-hour trading volume of the crypto has soared, and MITH’s gains have made it a trending topic in the cryptoverse. Questions are what services does Mithril crypto provide, and what is the leading factor behind the token’s appreciation? Let us explore
What is Mithril crypto?
Listed on CoinMarketCap, which is a price tracking website, Mithril is said to be a social media platform with peer-to-peer decentralised services. It is claimed that the platform uses Ethereum’s blockchain services, and the native token MITH is also an ERC-20 coin.
Even though there is very little information on Mithril cryptocurrency, it is one of the top 500 assets, as of writing. Notably, CoinMarketCap now tracks over 20,200 assets. It is further mentioned that Mithril can partner with existing social media platforms with a view to use cryptos for rewarding content creators.
MITH’s token price
MITH crypto is native to Mithril, and according to CoinMarketCap, the circulating supply of the token is one billion. What is stunning is the 24-hour trading volume, which is over US$200 million, as of writing. This has led to an over 100% rise in the price of the MITH token.
Data suggests that Mithril has traded largely in the red all during the ongoing year. The price was US$0.06 on January 1. The present rally has helped the price reach US$0.04 as of writing.
Data provided by CoinMarketCap.com
Also read: Uniswap’s fall and rise: The complete saga and what does it indicate?
Why is Mithril crypto rising?
Mithril could be a perfect example to understand that crypto tokens might rise and fall sharply without any reason. Mithril’s Twitter account has not posted anything since past year, and there is seemingly no official project website. Despite this inactivity, the MITH token has traded very heavily lately. It is possible that any real reason behind the rise if there is one, becomes clear over coming days.
For now, the rise appears to be just a sentiment, with little push from any concrete news like a new listing on any exchange or a new product/service launch.
Bottom line
Mithril crypto is on a rise right now, and the main push seems to be sentiments alone. Sometimes, it is also possible that a few active traders can manipulate the price of any cryptocurrency, which is a part of what is called pump and dump. For now, extreme due diligence must be preferred, and caution can be the best friend.
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