Unveiling Metastrike: What’s behind its remarkable 101% surge today?
The cryptocurrency known as Metastrike experienced a sudden and significant increase in price on Friday, causing investors to scramble to understand the reasons behind this rally.
Metastrike (MTS), a metaverse alt-coin, surged from $0.0092 to $0.01871 in a 24-hour trading period, resulting in a 101% gain in trading volume by January 5th.
During this time, the trade volume rose from $90,000 to over $1.27 million on various exchanges. The majority of this volume, 64.33%, came from KuCoin, followed by PancakeSwap with 18.33% and Gate.io with 16.3%. Data from Arkham Intelligence indicates that KuCoin is also the largest holder of MTS, excluding vesting contracts and the Gnosis Safe account abstraction service.
Upon closer examination of on-chain activity, some unexplained behavior is evident. For example, one address has been purchasing small amounts of MTS, typically a few hundred dollars at a time, only to sell it on PancakeSwap shortly afterward. This pattern has been repeated hundreds of times, as shown in a 50-page transaction history of MTS.
Another address operates similarly, buying and selling hundreds of dollars’ worth of MTS exclusively on PancakeSwap without involving any other exchange. Similar to the first address, there are hundreds of transactions following this pattern.
The exact purpose of this clearly automated behavior, which constitutes the majority of recent MTS on-chain transactions, remains unclear. The first address may be engaging in arbitrage between centralized and decentralized exchanges, while the second address may be attempting to maximize profit and minimize risk by acquiring and selling based on the extreme volatility exhibited by Metastrike, which significantly increased the token’s volume.
Metastrike presents itself as a blockchain-based multiplayer shooting game that allows players to own NFT guns and participate in virtual battles. The project claims to offer users the ability to customize weapons and avatars while earning profits through in-game events.
Metastrike developers have not made any announcements in recent days that would explain the astronomical surge in price and volume.
According to Santiment’s crypto social media trends data, Metastrike is not among the top ten most mentioned cryptocurrencies on social media. Its social dominance, while experiencing a spike, only reached a level of 0.031% at the time of publication. In the last 24 hours, only 0.031% of all crypto-related social media posts mentioned Metastrike.
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