Moonriver (MOVR) Spikes 500%, Investors Rush to Buy Polkadot
Autumn is officially here and has brought with it what is informally being referred to as “alt season autumn” given the recent impressive gains of smaller coins in the crypto market.
Since its launch a mere three weeks ago, the one-layer blockchain Moonriver has recorded over one million transactions, with more than680,000 MOVR tokens (worth approximately $130 million) staked on its platform. This has translated into a 500% surge in Moonriver’s utility token, MOVR, and subsequent gains for its parent network, the open-source protocol Polkadot.
As the first-ever EVM-compatible parachain (or, parallel chain) built on Polkadot’s sister network,Kusama, Moonriver provides unmatched Ethereum compatibility. Moonriver was built as a sister network to Moonbeam, which will be deployed on the Polkadot network later this year. Moonriver also acts as a development sandbox for its sibling as codes that pass the testing phase on Moonriver are deployed onto Moonbeam.
Founded by the co-founder of Ethereum, Gavin Wood, Polkadot has been dubbed the “Ethereum killer” due to the fact that it serves as a “protocol for protocols”, or a “blockchain for blockchains”. Polkadot’s protocols allow developers the option to interact with other blockchains in its ecosystem, something which saves both money and resources while simultaneously removing the burden of building ecosystems from scratch.
Moonriver’s spike resulted in a domino effect of all adjacent chains and protocols (like Moonbeam and Polkadot) to surge in both interest and status. Bulls previously locked in gains with Polkadot’s token DOT this past summer, with the altcoin seeing a surge from $15 in mid-June to $31 at the time of publishing. All this has had investors rushing at full speed to buy Polkadot while it is still relatively affordable.
For more information on this jump in pricing, “altseason autumn”, and a very exciting investment opportunity, watch the video below.
At the time of publishing, Polkadot (DOT) was changing hands at $31.92, up 600% from last year’s price of $4.09. Moonriver (MOVR) stood at $318.