Why Is Moonriver (MOVR) Crypto Price Soaring Today?

Coingapestaff
December 25, 2023
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Moonriver (MOVR), one of the top movers in the crypto market lately, has locked in seven-day gains of over 400%. Meanwhile, the investors seem to be shifting their focus towards the crypto lately, as evidenced by the recent surge in the crypto’s price.

In addition, it surged over the $40 mark recently, which was indeed a turning point. However, netizens have been wondering why the MOVR crypto price is soaring beyond limits. Though the hype is inexplicable, several factors lead to it.

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Reasons Behind MOVE Crypto Price Hype

The surge in MOVR price can be attributed to the upward movement of L1 blockchains like Polkadot and Kusama, as evidenced by the gains in DOT and KSM prices. Moonriver, a prominent Ethereum-compatible para chain on the Kusama network, is naturally benefiting from the overall momentum in Kusama.

The MOVR surge indicates potential bullish activity across the broader Polkadot ecosystem. A substantial influx of funds into DOT, KSM, and related projects might also have helped gains in the MOVR price.

Also Read: Polkadot’s Growth Beyond Inscription-Driven Activity Is Crucial

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Moonriver Crypto Price

The MOVR price added a whopping 42.33% to its value as it traded at $34.31 during writing on Monday, December 25. The hyped digital asset has skyrocketed by about 420% in the past seven days, resulting in newfound hope for bulls. In addition, the crypto attained a new 52-week high of $43.73 on Monday.

The MOVR crypto market cap increased by 41.61% and was $294 million. If the gains continue, it could soon capture a market capitalization of $300 million. Furthermore, the 24-hour trade volume spiked by 70.49% to $888.58 million, underscoring the unwavering demand.

However, despite the rapid price hike, concerns arise about the possibility of an “oversold” move. Moreover, the absence of direct project announcements could further fuel these concerns.

Also Read: Crypto Price Prediction For December 24th: Mina, RUNE, DOT

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.