Metastrike

PancakeSwap

Arkham

Gnosis

The little-known cryptocurrency Metastrike saw an abrupt and massive spike in price on Friday, leaving investors scrambling to understand the reasons behind the rally. 
Metastrike (MTS) a metaverse alt-coin shot up from $0.0092 to $0.01871 in 24-hour trading, registering a 101% gain in trading volume over a 24 hour period ending Jan. 5. 
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 <img loading="lazy" decoding="async" width="975" height="396" src="https://crypto.news/app/uploads/2024/01/MTS_1D_graph_coinmarketcap-1.png" alt="What is Metastrike and why is it up 101% today? - 24" class="wp-image-14234911">
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 Metastrike 24-hour price chart. | Source: CoinMarketCap
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Over that time, trade volume went from $90,000 to over $1.27 million on several exchanges. Of all this volume, 64.33% came from KuCoin, followed by PancakeSwap with 18.33% and Gate.io with 16.3%. Arkham Intelligence data <a href="https://platform.arkhamintelligence.com/explorer/token/metastrike" target="_blank" rel="noopener">shows</a> that KuCoin is also the top MTS holder when excluding the vesting contracts and account abstraction service Gnosis Safe. 
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 <img loading="lazy" decoding="async" width="684" height="176" src="https://crypto.news/app/uploads/2024/01/image-9.png" alt="What is Metastrike and why is it up 101% today? - 25" class="wp-image-14234914">
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 Top MTS holders. | Source: Arkham Intelligence
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A closer look at on-chain activity reveals some unexplained behavior. One address, for instance is buying small amounts of MTS (a couple of hundreds of dollars at a time in the biggest ones) only to then sell it on PancakeSwap (CAKE) shortly later — and has done this hundreds of times over as a 50-page long MTS transaction history shows. 
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 <img loading="lazy" decoding="async" width="596" height="448" src="https://crypto.news/app/uploads/2024/01/image-10.png" alt="What is Metastrike and why is it up 101% today? - 26" class="wp-image-14234916">
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 MTS transaction history of 0xc5bf41DF02f80d4066fBF553e40c2943af5087c4 | Source: Arkham Intelligence
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Another address operates in a similar manner, but the transactions both buying and selling hundreds of dollars worth of MTS from PancakeSwap with no other exchange involved. As with the other address, there are hundreds of transactions like this. 
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 <img loading="lazy" decoding="async" width="596" height="447" src="https://crypto.news/app/uploads/2024/01/image-11.png" alt="What is Metastrike and why is it up 101% today? - 27" class="wp-image-14234917">
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 MTS transaction history of 0x0000000519aE2727ccd6d3C00c00A76473a002cE. | Source: Arkham Intelligence
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The exact puporpose of clearly automated behavior — making the bulk of recent MTS on-chain transactions — is not entirely clear. The first address may be engaging in arbitrage between the centralized exchanges and decentralized exchange, the second one may simply be trying to maximize profit and minimize risk by acquiring and selling based on the waves the extreme volatility shown today by Metastrike, behaviour that significantly ballooned the volume of the token. 
Metastrike bills itself as a blockchain-based multiplayer shooting <a href="https://crypto.news/3-cryptocurrencies-for-gaming-in-2024/">game</a> that allows players to own <a href="https://crypto.news/tag/nft/">NFT</a> guns and participate in virtual battles. The project claims to let users customize weapons and avatars while earning profits through in-game events. 
 You might also like: <a href="https://crypto.news/north-american-blockchain-gaming-market-set-to-reach-600b-by-2030/"> North American blockchain gaming market set to reach $600b by 2030 </a> 
Metastrike developers have made no announcements over the last few days that would explain the astronomical surge in price and volume. 
Santiment’s crypto social media trends <a href="https://app.santiment.net/labs/trends/explore/mts" target="_blank" rel="noopener">data</a> shows that Metastrike is not among the top ten most mentioned cryptocurrencies on social media and its social dominance — while still spiking — only reaching a level of 0.031% as of press time. In the last 24 hours, just 0.031% of all crypto-related social media posts mention Metastrike. 
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 <img loading="lazy" decoding="async" width="794" height="371" src="https://crypto.news/app/uploads/2024/01/image-8.png" alt="What is Metastrike and why is it up 101% today? - 28" class="wp-image-14234859">
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 Metastrike social media dominance chart. | Source: Santiment
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 Read more: <a href="https://crypto.news/binance-debuts-new-web3-ai-gaming-platform/"> Binance debuts new web3 AI gaming platform </a>

What is Metastrike and why is it up 101% today?

crypto.news

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