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Berachain Gains 20% in 24 Hours – Mapping What’s Next
In a stunning turn of events, Berachain has seen its price surge by a whopping 20% within the past 24 hours. This extraordinary gain has left many wondering what drives this sudden and rapid increase. AMBCrypto takes an in-depth look at the current situation to provide insight into the next steps for this altcoin.
At the heart of Berachain’s meteoric rise lies its on-chain activity, which has seen a significant boost. The number of transactions has increased by 15.79% within the past day alone, resulting in 1.173 million transactions. This substantial spike indicates an increase in user participation, fueling the surge.
Furthermore, unique addresses have reached an all-time high of 5.5 million since the start of February, indicating a consistent trend. The daily gain in unique addresses was substantial at 1555 addresses, which primarily consisted of nodes that enable communication within the chain. As per data from BeraScan, this growth is not solely attributed to transactions but also includes the rise in total gas used, signaling increased activities on the blockchain.
Moreover, CryptoQuant’s data reveals that Futures and Spot whales are now eyeing a continued rise for Berachain. The charts indicate that these large-scale investors have been buying up Berachain despite it declining continuously since February. This whale activity undoubtedly has played a crucial role in fueling this surge.
On the other hand, there are some concerns about the current market sentiment and its impact on Berachain’s future performance. As the data shows, for the price to maintain its trajectory, the broader crypto market must also be aligned with it.
Source: ambcrypto.com
