Among the cryptocurrencies demonstrating high gains, the cryptocurrency under the spotlight is Vulcan Forged (PYR). Vulcan Forged has reportedly earned its reputation being one of the top performers in the running week.
It is a protocol that provides both an NFT marketplace as well as a blockchain game studio. Just recently, the team behind the Vulcan Forged project announced that they were in the process of launching a new platform.
The team has revealed that they will soon be introducing an ecosystem for the entire cryptocurrency community. The name of the particular ecosystem is going to be VulcanVerse.
The announcement made by the development team behind the VulcanVerse is one of the major reasons that has earned Vulcan Forged a huge rally. After the announcement, Vulcan Forged observed a strong rally.
The TradingView report shows that on January 24, 2022, the price of Vulcan Forged was experiencing a low price of $6.59. However, on February 1, 2022, the price of Vulcan Forged has observed a huge rally.
The rally observed for Vulcan Forged has been 119%, and as result, Vulcan Forged’s price went up to $14.43. The data shows that even the trading volume recorded for Vulcan Forged on February 1, 2022, was up by 141%.
Apart from the announcement of launching the VulcanVerse ecosystem, another major reason that boosted Vulcan Forged’s price was the launch of Elysium testnet.
The team behind Vulcan Forged had revealed that they were developing a new blockchain dubbed “Elysium Blockchain”. The reason behind the need for a new blockchain was to avoid high fee problems that are a major issue on the Ethereum blockchain.
In the initial announcement, the Vulcan Forged team had revealed that the Elysium blockchain would be extremely user-friendly. The fees that the users would incur on the Elysium blockchain would be extremely low compared to other blockchains.
Therefore, the launch of the Elysium blockchain testnet has injected new hope among the entire cryptocurrency community eager to shift to low-costing blockchains.
The Vulcan Forged team even referred to their Elysium blockchain as the blockchain for metaverses. As the metaverse sector is currently among the most trending ones in the entire crypto-verse, therefore, a huge rally was obvious for Vulcan Forged.
Another major reason for the rise in Vulcan Forged’s price is the sale of plots on the VulcanVerse ecosystem. Prior to the launch of VulcanVerse, the Vulcan Forged team started showing off the plots they would go on to sell the users.
Just as the launch of VulcanVerse comes closer, the anticipation is rising and the Vulcan Forged has started talking about the sales of the plots. These reasons have managed to create a strong rally in favor of Vulcan Forged’s price.
