The cryptocurrency market is currently abuzz with speculations of a potential crash as major players are shifting their funds from Multichain Protocol to Fantom. This has raised concerns in the crypto community, as the shift has been attributed to the uncertainty surrounding the troubled Multichain protocol. Many investors fear that the move could lead to a significant market downturn, which could result in significant losses for those who have invested in the affected currencies.
The Fantom Foundation has stopped providing liquidity with its MULTI tokens due to the confusion surrounding the troubled Multichain protocol. This has stirred fear, uncertainty, and doubt in the crypto ecosystem. According to research firm Thanefield Capital, Multichain has issued 35% of Fantom's assets, including 80% of its total stablecoin market cap. Despite trading volumes of $129 million, FUD has resulted in a 5x increase in daily bridging volumes.
The current situation is a clear indication of how interconnected the cryptocurrency market is. The actions of one player can significantly impact the market and cause a ripple effect that affects other players. The shift in funds from Multichain to Fantom is a classic case of this interconnectivity, and it highlights the risks associated with investing in cryptocurrencies.
Investors must be cautious and vigilant when investing in cryptocurrencies and keep track of any news or developments that could affect their investments. The current situation is a clear example of how quickly things can change in the crypto market, and investors must be prepared to make informed decisions based on the latest information available.
Overall, the current situation in the crypto market is a reminder of the inherent volatility and risks associated with investing in cryptocurrencies. While the market can offer significant rewards, it is essential to be cautious and informed when investing in it. Investors must always be prepared for unexpected events that could significantly impact their investments and take steps to mitigate any potential losses.
A rug-pull kind of incident at the Multichain protocol has sent shockwaves across the crypto market. A staggering $1.8 billion in multichain wallets have been locked and rumors have it that the Chinese authorities have arrested Multichain team members with law enforcement taking control over the wallets.
Rumors of the arrest of the Multichain team have sent shockwaves throughout the Fantom ecosystem. Despite trading volumes of $129 million, the fear, uncertainty, and doubt (FUD) have resulted in a 5x increase in daily bridging volumes.
The broad confusion surrounding the Multichain protocol has continued to stir more Fear, Uncertainty and Doubt (FUD) in the digital currency ecosystem. The latest uproar in the community came from the tweet from self-proclaimed crypto market investigator, @BoringSleuth which showed the potential basis for a rug-pull.
Multichain has issued 35% of Fantom's assets, including 80% of its total stablecoin market cap, according to research firm Thanefield Capital.
In recent times, the Multichain protocol has encountered turbulence due to hiccups in transaction speed, prompting notable players in the cryptocurrency sphere to take intriguing steps. The Fantom Foundation, a prominent contributor to the crypto ecosystem, has withdrawn a substantial $2.41 million worth of the native MULTI tokens from the decentralized platform SushiSwap.
Fantom Foundation Director Andre Cronje said it stopped providing liquidity with its MULTI tokens because of the uncertainty around Multichain.
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