Despite the fluctuations in Bitcoin‘s price, the overall market uptrend has not completely reversed and continues to trigger price increases for popular cryptocurrencies with ongoing news. With the announcement of Metis, Ethereum‘s layer2 solution, this popular cryptocurrency made an upward movement.
The native token of Ethereum’s l2 solution, Metis, experienced a double-digit increase following the announcement of a development fund for the ecosystem. According to the protocol’s statement, product developers within the network can apply for the Metis Ecosystem Development Fund. Such funds are created to increase the number of in-demand products within the ecosystem and to maximize network usage.
Smart contract platforms are attracting developers with grant announcements to keep their community active and to increase product diversity. The allocation of 4.6 million METIS Coin, worth over 100 million dollars, is an exciting development; while many popular networks hesitate to announce such large funds, Metis has taken a notable step.
Metis aims to be a fully decentralized Ethereum layer2 solution by the end of 2023.
METIS DAO (METIS) is currently trading above $28 with a 222% increase in volume. The altcoin, which reached its all-time high price of $323 in 2022, is approximately 600% above its ATL level of $3.29 in May 2021.
In the last 72 days, gains have risen over 174%, and METIS Coin has taken its share from the BTC rally. The altcoin, trying to surpass its May peak, could test the 2023 highs of $36 and $44 if it can close above $29. The cryptocurrency experienced significant increases in the first half of the year and then melted like the others. We will see whether the impact of the ecosystem fund on the price will be permanent. For now, maintaining $25 as support could sustain the faith of investors expecting the rally to continue. On the other hand, a return to the supports at $21.84 and $17 is possible. At the time of writing, BTC was trying to reclaim the $41,500 level, but it cannot yet signal that the last correction has definitively ended.