Multichain Backend Upgrade Delay

    This analysis will explore the consequences of a delay in the backend upgrade on the $Multi token.

    The $Multi token witnessed a substantial price decline, dropping by 30% due to the delay of the backend upgrade. Consequently, I conducted an in-depth examination of the Multi token, focusing on the following aspects:

    • Price fluctuations and a comparative analysis with other tokens.
    • Swap activities specifically observed on the Ethereum chain.
    • Transfers to and from (CEX) on the Ethereum and BSC.
    • Inflow and outflow of the Multichain token across multiple chains.
    Introduction
    Overview
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    The Multi token has undergone a significant decline of up to 60% since its price 50 days ago, nearly twice as high as the worst-performing token, OP, which experienced a 39% drop. One of the contributing factors to OP's drop was the unlocking of approximately 100 million US dollars from their token, which impacted its price negatively. In comparison, the remaining tokens experienced price drops ranging from 1% to 19%. Thus, it is evident that the Multi token has faced a substantial decrease in its price.

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    Let's begin by examining the price changes of the $MULTI token and comparing them to popular tokens in the market, such as BTC, ETH, MATIC, OP, and ARB. The charts below illustrate the percentage price changes of these tokens relative to their prices 50 days ago.

    Approximately 50 days ago, the MULTI token was valued at around $9.7. However, since then, its price has experienced a significant decline of nearly 60%.

    When comparing the price changes of MULTI to BTC, ETH, and ARB during the same period, the maximum price fluctuation observed was -7%. On the other hand, both MATIC and OP experienced substantial drops in their prices, with declines of up to 30%.