- Metis (METIS) cryptocurrency surged 40% in 24 hours, hitting $77.1, driven by an upcoming $350 million incentive program and growing interest.
- Crypto strategist Pentoshi predicts potential 50%+ growth for Ethereum (ETH) in 2024, linked to potential ETF approvals for Bitcoin and Ethereum.
The native token value of Metis (METIS), an Ethereum layer-2 scaling solution, has seen an astounding rise of over 40% in just a single day of trade. The expectation of a $350 million incentive program for the layer-2 Ethereum protocol is causing this spike.
So @MetisDAO just announced a $330m incentive program following the launch of the sequencer pool in Jan.
A breakdown of Metis and how you can take advantage of this ecosystem boost👇
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1) The Impact of Ecosystem IncentivesMetis recently announced that 4.6m… pic.twitter.com/NmMnMp1LPk
— Thor⚡️Hartvigsen (@ThorHartvigsen) December 26, 2023
The impending introduction of a significant incentive scheme for the layer-2 Ethereum protocol is a major driving force behind Metis’ quick rise. The cryptocurrency world has been very buzzed about this development, which has increased interest in and funding for METIS.
As a direct result of the incentive program’s expectation, the Metis ecosystem’s Total Value Locked (TVL) has increased incredibly. According to recent data from L2Beat, there has been a 400% increase in TVL in Metis. The TVL has surpassed $550 million thanks to this rise, which hasn’t happened since April 2022.
Metis Price Prediction
Pentoshi, a pseudonymous cryptocurrency analyst, has offered his followers on social media insights, implying that Metis (METIS) may be about to see significant growth. In Pentoshi’s view, METIS would be ideal for an entry point between $48 and $56. Notably, Pentoshi disclosed that he holds METIS tokens from a lower price point.
If given $48-56 a good entry imo. I'm in from lower fwiw
Narrative heating up for Q1 with a lot of good upcoming fundamentals pic.twitter.com/Yra5iIqYKl
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) December 25, 2023
According to Pentoshi’s chart analysis, METIS might be riding a wave of rising momentum and heading toward the next major supply area, which is around $175. In the past, Pentoshi also made a daring forecast about Ethereum (ETH). He predicted that by 2024, the price of Ethereum may increase by over 50% above its current value. This forecast hinges on a specific catalyst—the approval of spot market Bitcoin (BTC) exchange-traded funds (ETFs).
The reasoning behind this prediction lies in the possibility that if Bitcoin ETFs are approved for the spot market, it could pave the way for the approval of spot Ethereum exchange-traded funds (ETFs). Several asset management firms, including BlackRock, Fidelity, and Hashdex, have submitted applications for spot-based Ethereum ETFs to the U.S. Securities and Exchange Commission (SEC).
Pentoshi speculates that interest in Ethereum ETFs may soon become more focused on the possibility of approval, which would spark optimism and drive Ethereum’s price above $3,400.
At the time of writing, Metis (METIS) is trading at $86.80, reflecting an impressive 22.83% increase in the past 24 hours. On the other hand, Ethereum (ETH) is trading at $2,245, with a 0.32% decrease within the same timeframe. These price movements underline the dynamic nature of the cryptocurrency market, where rapid fluctuations are commonplace.
Ecosystem Development Fund Announced
In mid-December, Metis made a significant announcement, introducing the Ecosystem Development Fund (Metis EDF). The fund, endowed with an initial allocation of 4.6 million METIS tokens, aims to expedite the adoption and advancement of the Metis ecosystem.
The primary focus of the Ecosystem Development Fund will be to support product development by facilitating enhancements and mandatory audits for existing Metis projects. Furthermore, the fund will allocate resources to various domains, including decentralized finance (DeFi), real-world assets, and startups within the non-fungible token (NFT) sector.
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