EGLD’s Price Spike Is In Contrast With The Overall Sentiment In The Crypto Sector, As Most Of The Top 100 Projects Are Seeing Price Drops And Increased Volatility

Among the top 100 coins by market value in the last 7 days, MultiverseX (EGLD) has gained the most, with a price increase of 11% following the team's announcement of Safepal integration.

                                                                                                       Source: CoinMarketCap 

The price of EGLD increased to $32.93 on Friday, rising from $27.35 lows as most cryptocurrencies followed Bitcoin's decline to less than $54,000 earlier in the day.

MultiverseX is experiencing double-digit gains, in contrast to the majority of altcoins which have seen sharp declines during the same time frame.

MultiverseX surges in tandem with Safepal integration

The blockchain network MultiversX, originally known as Elrond, was created specifically for the metaverse. The utility token known as EGLD is what drives the network's governance, transactions, and staking.

MultverseX revealed on Friday that it has incorporated Safepal, a hardware and mobile cryptocurrency wallet that presently has over 13 million users worldwide. These users can now access MultiversX directly through their SafePal wallets thanks to the connection. In addition to the mobile wallets and hardware, customers will soon be able to access a browser extension. The new integration uses a cold storage technology that already protects cryptocurrency valued at over $20 billion to provide three levels of value exchange using EGLD. In a blog post, Multiverse's head of business development, Daniel Serb, stated that the SafePal mobile app "creates a new on-the-go interface for users to interact with the MultiversX ecosystem."

Serb went on to say that EGLD is still seeing growth in its use cases and that users will be able to take full advantage of the token's functionality thanks to the wallet browser extension.

Although the news appears to have improved mood, the EGLD token has lost 5,14% over the last 30 days. After hitting its peak in November 2021, it has also had difficulties.

At the moment, SafePal's services are available in more than 200 nations on more than 100 blockchains. The platform provides trading, yield tools, cross-chain switching, and support for NFTs and crypto assets.

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