Anyone looking at Metaverse (ETP)’s chart from July to date would be forgiven for thinking it’s a chart from 2017 when the market was in a massive bull rally. That’s because it has been on a steady rise from a low of $0.50 to its current price of over $3, and doesn’t seem to be easing up. It has held its value all through the boom and bust cycles that the market has experienced in the last 3 months and looks set to continue in this trajectory. That’s because today the market has dropped again, and most altcoins are down by over 12%. Interestingly, Metaverse is still holding strong and has only retraced by around 5%. That can’t even be considered a retracement, it is just a minor bleep in the market, one that happens on a daily basis.
The whole reason behind the rise of Metaverse (ETP) is a mystery. At first, speculation was rife that it was a pump and dump, but that has worn off. That’s because it hasn’t shown any sudden spikes that could indicate some level of unusual activity. It has simply been gaining organically all through, with minor corrections that are characteristic of any market.
If its rise is not a pump, then could mean that its rise in value is due to a strong demand from investors? The most probable reason why it is rising organically could be the fact that demand is reinforcing itself. Metaverse started pumping at a time when most cryptos were deep in the red. This drew in investors looking to make gains and offset some of their losses in the other cryptos. Such an influx in demand may have sustained the price, and push the price higher after the initial pump. In short, demand could be reinforcing itself the more price continues to rise.
However, that’s just a theory, and there could be other factors contributing to its rise. For instance, its fundamentals could be playing a role in its rise too. Metaverse (ETP) aims to give users control over their digital identity. This is a big deal and could be playing a role in pushing up its value.
Anyway, whatever the reason for its continued rise, it is a profitable investment. Investing in it while keeping an eye on the charts would be a great investment call. Someone who got into Metaverse (ETP) two months ago is still in the green, in spite of all the ups and downs in the market. As such, playing into it going into the future could lead to more gains. Who knows, it could even rise to $10 or more in the near future. It’s a mystery and a profitable one at that!