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

2 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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

Solana Ecosystem Tokens Outperform Broader Altcoin Market

chest

Recent performance benchmarks indicate that Solana ecosystem tokens are outpacing the broader altcoin market, highlighting the active internal rotation within the network.

user avatarSon Min-ho

Arbitrum Achieves $814 Million in Daily DEX Volume

chest

Arbitrum has recorded an impressive $814 million in daily decentralized exchange volume, showcasing strong activity on the Ethereum Layer2 network.

user avatarAyman Ben Youssef

Securitize Enhances Tokenization Framework for Public Equities

chest

Securitize has enhanced its framework for tokenizing public equities, contributing to the integration of traditional assets into blockchain infrastructure.

user avatarTando Nkube

Significant Surge in Dogecoin Network Activity

chest

Significant surge in Dogecoin network activity with a 35% rise in active addresses and daily transactions exceeding 12 million.

user avatarKofi Adjeman

XRP Ledger Reaches 3 Billion Transactions Milestone

chest

The XRP Ledger has achieved a remarkable milestone by crossing 3 billion cumulative transactions.

user avatarNguyen Van Long

Cardano's Blockchain Verification Infrastructure Deployed by Major Retail Group

chest

A major retail group has successfully deployed blockchain verification infrastructure built around Cardano's ecosystem, enhancing the verification of authenticity, origin, and sustainability claims within supply chains.

user avatarSatoshi Nakamura

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.