MultiversX unveils plans to attract more users, how did EGLD react

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  • Mul­ti­ver­sX launched four prod­ucts in Q1 2023.
  • Activ­i­ty on the chain, how­ev­er, con­tin­uedf to dwindle. 

For­mer­ly referred to as Elrond, meta­verse-focused project Mul­ti­ver­sX [EGLD] con­firmed the suc­cess­ful roll­out of some new prod­ucts in Q1 2023 aimed at dri­ving more users to the protocol.


Read Mul­ti­ver­sX [EGLD] Price Pre­dic­tion 2023–2024


In a series of tweets pub­lished on 31 March, Mul­ti­ver­sX con­firmed the launch of xPor­tal, Mul­ti­ver­sX Bridge, Mul­ti­ver­sX Wal­let, Mul­ti­ver­sX Explor­er, and Mul­ti­ver­sX Explor­er in the first three months of the year. 

In Novem­ber 2022, the team behind Mul­ti­ver­sX announced its deci­sion to change its name from Elrond and move for­ward under Mul­ti­ver­sX, rebrand­ing itself as a decen­tral­ized blockchain net­work with a focus on the metaverse.

Much ado about nothing?

In spite of the new prod­ucts being launched this year and old prod­ucts re-launched under new names since the name change in Novem­ber, MultiversX’s DeFi TVL remained at its June 2022 lev­el, data from DefiLla­ma revealed. At press time, the protocol’s TVL was $78.71 mil­lion, hav­ing fall­en by 6% since the year began.

Source: DefiLla­ma

Fur­ther, in the past few weeks, user activ­i­ty on the pro­to­col has seen a steep decline. Accord­ing to data from Artemis, MultiversX’s dai­ly active address­es count has fall­en by 76% in the last month. 

Source: Artemis

More­so, the total num­ber of trans­ac­tions com­plet­ed on-chain with­in the same peri­od decreased by 80%.

Source: Artemis

How has EGLD fared?

While EGLD’s price has increased by 30% on a year-to-date basis, its price has embarked on a descent since 21 Feb­ru­ary. After peak­ing at a high of $53 on that day, the altcoin’s val­ue has since dipped. As of this writ­ing, it trad­ed at $42.58 per data from Coin­Mar­ket­Cap.

With the coin’s price oscil­lat­ing with­in a tight range in the last two weeks, EGLD’s buy­ing momen­tum has since fall­en. For exam­ple, momen­tum indi­ca­tors Rel­a­tive Strength Index (RSI) and Mon­ey Flow Index (MFI) were posi­tioned below their respec­tive cen­ter lines at the time of writ­ing. While EGLD’s RSI rest­ed at 48.27, its MFI was 43.64.


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Like­wise, EGLD’s On-bal­ance vol­ume, in a down­trend at press time, decreased by 4% dur­ing that peri­od. At press time, this was 16.927 mil­lion. If an asset’s OBV is declin­ing, it sug­gests that sell­ing pres­sure is increas­ing and more sell­ers are in the mar­ket than buyers.

Source: EGLD/USDT on TradingView

At press time, the coin’s weight­ed sen­ti­ment was ‑0.442. A neg­a­tive sen­ti­ment span­ning a two-week peri­od and still sub­sist­ing showed the pres­ence of bear­ish con­vic­tion in the EGLD market.

Source: San­ti­ment



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