donor
Published:
- The Root Network surged 20% in a day amid widespread market volatility, drawing attention from stakeholders.
- What led to this extraordinary feat?
The Root Network (TRN) has recently gained attention due to several significant activities, pushing the price of its native currency, ROOT, up approximately 20% in the last 24 hours, to $0.02435 at press time.
This exceptional performance, despite broader market volatility, caught the attention of AMBCrypto analysts, who explored the factors behind the surge.
The ramp-up is anchored in a multi-channel program
An increase in developer activity on the root network has set it apart from other tokens struggling in the face of Bitcoin’s slowdown.
For starters, Root’s integration with Futureverse and services like Gen3 Gaming are unleashing the next phase of the digital economy, expanding its reach to AI applications within the blockchain.
Unsurprisingly, the network aims to strengthen interoperability across the open metaverse, charting a course for the future.
Additionally, XRPL’s partnership with TRN has facilitated the use of XRP as the default digital asset for transactions in its multi-token gas economy.
Additionally, since then, the network has expanded its reach, incorporating new tokens such as ROOT, ASTO, and SYLO to access various services.
Source: Etherscan
The chart above reveals the impact of these listings on ROOT, showing an increase in the number of transactions to $137 million earlier this year.
However, activity has since slowed, falling to $4.4 million at the time of publication. Despite this, the recent surge has rekindled investor optimism. But will it last?
Root Network Gains New Interest
ROOT’s recent surge is peculiar, fueled by unique factors rather than Bitcoin’s bullish appeal.
The many innovations by developers within the network have clearly brought significant rewards.
Source: Santiment
The network’s success in attracting new players is therefore evident in the increase in the number of daily active addresses.
Adding to the optimism, total volume has rebounded to early August levels, when ROOT tested the $0.027 ceiling.
Additionally, Root could capitalize on Bitcoin’s volatility, distinguishing itself with its meticulously designed Tokenomics. model.
The model plans to distribute its 12 million ROOT tokens as rewards to various communities, effectively leveraging its staking capabilities.
Overall, despite the market downturn, the root network has cultivated a strong community, as evidenced by its 20% price increase.
If the trend continues, ROOT could soon return to its previous peak of $0.27.
