The price of the Rarible token has increased, however, profits may be limited

The price of the Rarible token has increased, however, profits may be limited

user avatar

by Max Nevskyi

3 years ago

The price of the Rarible token (RARI) recently experienced a sharp surge, becoming one of the most dynamically growing cryptocurrencies on the market. The token reached $4.50, doubling in the last 24 hours, leading to an increase in the company's overall market capitalization to over $80 million.

Despite a challenging period for the NFT industry, cryptocurrencies continue to show growth. Market analysis indicates that NFT sales volume over the past 30 days increased by 15% to reach $1.4 billion. However, the number of NFT buyers decreased by 0.5%, and the total number of transactions decreased by more than 33.70%. Pandora, NodeMonkes, CryptoPunks, and Bored Ape Yacht Club are among the most popular NFTs during this period.

Rarible, one of the leading NFT platforms in the market, is also experiencing challenging times. Data shows that trading volume on the platform increased by 17% over the past 30 days to reach $261,000, but the overall sales volume decreased to 385. The ecosystem registered 258 buyers and 177 sellers. However, trading volume on the platform reached $1.62 million, which is 9.17% higher compared to the previous month, with over 3,770 traders in the ecosystem.

The rise in RARI price is attributed to active trading among traders. The token has become one of the most discussed on key social media platforms such as StockTwits and Reddit. The trading volume of the token in the last 24 hours exceeded $33 million, significantly surpassing the previous day's figures.

Analysis of the RARI chart from TradingView shows that the token's price reached a parabolic rise on Monday, continuing the recent upward trend. Surpassing the key resistance point at $2.40, the highest point in January this year, Rarible remains above all moving averages, and the MACD indicator is above the neutral point. However, there is speculation that the token's price may soon decline due to profit-taking. In such a scenario, the next important milestone to watch would be at $2.50, and exceeding this week's peak at $4.51 would indicate further growth potential.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

SEC Proposes New Custody Framework for Crypto Assets

The SEC has proposed a new custody framework for investment advisers and registered funds dealing with crypto assets, allowing for potential self-custody and the use of state trust companies as custodians.

user avatarArif Mukhtar

FINMA Approves First Swiss Retail Bitcoin ETF

Switzerland's financial regulator, FINMA, has approved its first retail ETF that invests directly in Bitcoin, allowing retail investors to gain regulated exposure to Bitcoin.

user avatarMaria Gutierrez

EIP7906 Proposal Considered for Enhancing Ethereum Transaction Safety

The Ethereum Foundation is considering EIP7906, which proposes a readonly post-transaction frame to evaluate changes and events before accepting transaction outcomes.

user avatarDavid Robinson

Ethereum Foundation Investigates Enhancements to Transaction Safety

Researchers at the Ethereum Foundation are examining native transaction assertions to enhance transaction safety and reliability in digital asset markets.

user avatarAndrew Smith

Ethereum Developers Delay Glamsterdam Upgrade on Hoodi Testnet

Ethereum developers have postponed the Glamsterdam upgrade initially scheduled for the Hoodi testnet on October 26, with no new activation date provided.

user avatarJacob Williams

Samsung and Solana to Enable Cross-Border USDC Transfers in Samsung Wallet

Samsung and Solana announced plans to integrate cross-border USDC transfers into Samsung Wallet, targeting 82 million US Galaxy devices.

user avatarZainab Kamara

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.