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Berachain Gains 20% in 24 Hours – Mapping What’s Next
In a shocking turn of events, Berachain has seen its price surge by a staggering 20% in the past 24 hours. This sudden and dramatic increase in value has left many analysts scrambling to understand what is driving this unprecedented growth.
At first glance, it appears that Berachain’s price gain is directly linked to the governance proposal of 33% block rewards to stakers, as well as protocol-level buybacks and a 7-day unbounding period to deter short-term speculation. However, it seems that these factors are not the sole contributors to this massive increase.
Looking at the on-chain data, we can see that transactions have surged by an incredible 15.79% over the past 24 hours, resulting in an astonishing 1.173 million transactions. This significant spike in transaction count is a clear indication of increased user participation and growing adoption of the Berachain ecosystem. Moreover, unique addresses have reached an all-time high of 5.5 million since the start of February, with a daily gain limited to only 1555 new addresses tied mostly to nodes that enable communication within the chain.
Furthermore, data from CryptoQuant reveals that Futures and Spot whales are now heavily invested in Berachain’s continued rise. The charts indicate that these whales have been buying BERA despite its continuous decline since February. On the other hand, buyer dominance is visible on spot CVDs, while derivatives CVD remains neutral, suggesting an indecisive stance from these markets.
While it seems that a multitude of factors are driving this surge in Berachain’s price, one thing is clear – the altcoin’s future trajectory will heavily depend on the overall sentiment and performance of the broader crypto market. It is crucial to keep a close eye on market trends and other key indicators if we hope to accurately map what’s next for Berachain.
Sources: AMBCrypto
Source: ambcrypto.com
