Currently, EGLD token of MultiversX has been making rounds in the crypto market and the platform is indeed boasting of a strong 1. 85% increase within the last one day. This has been realized through an increase in the circulation of the token that has placed the token at $25. 24, making hodlers smile from ear to ear. But what is the cause of this upward trend and is it just another fad that has arisen?

Now, let us wade into the figures, if we may? EGLD’s market cap is $689,929,221, which makes it rank 83rd in the list of big cryptocurrencies. Not too shabby for a project that some of you may not even know exists. The 24-hour trading volume has also had a nice increase as well and is up by 7%. 70% to $16,453,479. This increase in activity implies that more traders are waking up to the reality that EGLD has what it takes to make them rich.

Okay, let’s get into the topic of supply and demand. At the moment, there are 27,330,961 EGLD tokens in circulation, and it is approximately 87% of the total tokens in supply. The total amount of token in circulation is limited to 31,415,926 EGLD which adds the element of scarcity to the token which investors love. This scarcity could be one of the reasons for the recent hike in the prices as the supply is relatively low.

But what is MultiversX all about then? Well, it is not just another ‘me too’ blockchain initiative that we are witnessing today. These folks are aspiring to build a very efficient, fast, and secure Blockchain platform for dapps, business applications, and the new internet economy. Sounds fancy, right?

The recent price action of EGLD may be an indication that investors are beginning to realize the value of MultiversX. As more developers and enterprises seek for solutions that are efficient on the blockchain, projects such as MultiversX can be adopted widely due to their high performance and scalability.

But, as with every cryptocurrency investment, one must stay sharp and not lose one’s common sense. The crypto market is as volatile as a cat on catnip and what rises high can fall just as fast, even quicker than you singing the HODL mantra.

On a higher level, we can assume that the recent increase of EGLD is just a start of a long-term upward trend. Or it might be just a fleeting phenomenon which appears once in a while and then disappears. Only time will tell. However, one thing is clear – MultiversX and its EGLD token are worth attention as the further development of the cryptocurrency market unfolds.