BitDAO Price Surges More Than 35% In A Month Following Mantle Merger

BitDAO is one of the few digital assets that have increased significantly in the Q2 of the year. After experiencing a significant comeback from support at $0.46, the decentralized autonomous organization (DAO) currency is aiming for a breakout to $0.80. In the past month, BitDao price has increased by more than 39%, and the bull run is still going strong. It is trading at $0.576, at the time of writing.

After Mantle Network, an Ethereum Layer 2 solution, combined with BitDAO a month ago, the price of BIT increased. The governance structure and financial capabilities of BitDAO are combined with Mantle Network’s cutting-edge technology through the merger. After passing the BIP-21 DAO governance proposal, members of the BitDAO community cast their votes in favor of the merger.

The Merge- BitDAO and Mantle

At the organization’s governance forum in February, the Mantle Core group suggested that BitDAO create funding to aid startup Web3 companies. The fund’s recommended investment period is three years, plus an additional extended period of two years.

The BitDAO community governs the Mantle network through the ownership of BIT tokens, which are also used to complete transactions, fund Mantle projects, and reward stakers. To develop cutting-edge solutions for cooperative projects and transactions, Bybit works with BitDAO. The testnet for Mantle Network, internally known as “Ringwood,” will start its second phase in May. The network will go through several scheduled technological changes during this time.

Although 78% of that amount is now held in the DAO’s token (BIT), BitDAO has one of the largest DAO treasuries in cryptocurrency today, valued at close to $3.7 billion. Its collaboration with centralized exchange ByBit is partly to blame for this enormous war chest.

According to Arjun Kalsy, head of the ecosystem, BitDAO investments have varied, thus the goal was to bring all of the ecosystem’s moving pieces under a single, consistent brand.

Will The Bull Run Continue?

The price of BitDAO is currently over the barrier. With resistance above $0.499107097245735 and support located around $0.46416834459452, BitDAO may be in a precarious position if the rally fizzles.BitDAO has recently traded with a low volume. This indicates that the current volume is lower than the volume average for the previous seven days.

The Fear & Greed Index is showing a score of 50 (Neutral), while the technical indicators indicate a bullish market mood on Bitdao. In the past 30 days, Bitdao has experienced 9.78% price volatility and 19/30 (63%) green days.