Wormhole Price Increases 15% as W Token Goes Live on Multiple Blockchains
In the last 24 hours, altcoin Wormhole (W) increased by 15.94% to $0.6199 and its market capitalization exceeded $1 billion. This helps Wormhole rank among the top 70 cryptocurrencies by market cap. The latest increase in Wormhole price comes as the W token gains multi-chain functionality.
Wormhole Becomes a Multi-Chained Entity
W’s recent price increase is due to Wormhole announcing Native Token Transfers (NTT) for the W token; this makes it native multi-chain on platforms like solana, Ethereum, arbitrum, optimism and Base.
This development expands the functionality of W, offering seamless transferability between various blockchain ecosystems, enabling more efficient use and accessibility for both users and developers, while MultiGov marks a significant advancement by laying the foundation for innovative features such as a multi-chain governance system and W staking for governance. It does. Milestone in Wormhole’s development roadmap.
The introduction of NTT is in line with Wormhole’s roadmap and demonstrates its commitment to creating a secure, decentralized and user-friendly environment for blockchain interoperability. With continued advancements and creative management structures, W’s future looks bright and poised to drive greater adoption and value.
W Price Action
In the last 24 hours, W’s trading volume increased by 181.75%, reaching $295,402,125, solidifying its place at 27th in the volume rankings. Despite impressive price movements from $0.5259 to $0.672, W remains 61.53% below the all-time high of $1.61 reached on April 3, 2024.
If Wormhole manages to clear the $0.6700 resistance in the next 48 hours, investors could consider entering long positions anticipating a breakout from the consolidation channel. Such an increase in buying pressure could push W into a price discovery phase, possibly targeting the $0.9193 level in the short term.
Conversely, a decline below the $0.5058 support in the next 24 hours could negate the bullish view. In this scenario, W’s price could potentially face a correction towards $0.4169 before declining further.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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