What is Metastrike and why is it up 101% today?

The little-known cryptocurrency Metastrike saw an abrupt and massive rise in its price on Friday, leaving investors struggling to understand the reasons behind the rally.

Metastrike (MTS), a metaverse altcoin, soared from $0.0092 to $0.01871 in 24-hour trading, recording a 101% gain in trading volume over a 24-hour period ending on January 5.

During that time, trading volume rose from $90,000 to more than $1.27 million on various exchanges. Of all this volume, 64.33% came from KuCoin, followed by PancakeSwap with 18.33% and Gate.io with 16.3%. Arkham Intelligence Data sample that KuCoin is also the main holder of MTS by excluding vesting contracts and the Gnosis Safe account abstraction service.

A closer look at the chain activity reveals some inexplicable behaviors. One address, for example, is buying small amounts of MTS (a couple hundred dollars at a time on the larger ones) to then sell them on PancakeSwap (CAKE) shortly after, and has done this hundreds of times like 50. The One page long MTS transaction history.

Another address operates similarly, but trades hundreds of dollars worth of MTS from PancakeSwap without any other exchanges involved. As with the other address, there are hundreds of transactions like this.

The exact purpose of clearly automated behavior (which generates the bulk of recent MTS on-chain transactions) is not entirely clear. The first direction may be engaging in an arbitrage between centralized exchanges and decentralized exchanges, the second may simply be trying to maximize profits and minimize risk by buying and selling based on the waves of extreme volatility shown today by Metastrike, behavior that significantly inflated the token volume.

Metastrike bills itself as a blockchain-based multiplayer shooter that allows players to own nft weapons and engage in virtual battles. The project aims to allow users to customize weapons and avatars while earning profits through in-game events.

The Metastrike developers have not made any announcements in recent days that could explain the astronomical increase in price and volume.

Santiment's Social Media crypto Trends data shows that Metastrike is not among the ten most mentioned cryptocurrencies on social media and its social dominance, although still increasing, only reaches a level of 0.031% at the time of this publication. In the last 24 hours, only 0.031% of all cryptocurrency-related social media posts mention Metastrike.

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