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It’s been a rough phase for MultiVac (MTV) crypto past few weeks. The crypto has been trailing as it witnessed losses of over 57.7% in the past 30 days. The losses are primarily the result of the bearish market sentiments, which have resulted in increased sell-off due to the global economic factors and the TerraUSD stablecoin crash.
MTV crypto’s losing streak has further deepened in the third week of May. It was down by 10.82% at the time of writing on 18 May. The token’s losses are also reflective of the general mood of the crypto market, which has seen the global market cap fall to US$1.29 trillion in the past 24 hours.
Also read: Why did Santos Fan Token's (SANTOS) volume soar over 9600%?
Why is MTV crypto falling?
The exact reason is hard to determine, but it seems to be the ripple effect of TerraUSD’s fall. The token has now lost close to 94.7% of its value ever since it achieved its all-time high of US$0.02906810 on 27 October 2021.
The MTV crypto is a multi-blockchain-driven protocol, which primarily acts as an innovative sharding killer and pioneering flexible computing framework. Due to its unique features, it allows unlimited and sustainable scalability and offers a novel approach to solving the issue of scalability.
The MultiVAC model is based on the Verifiable Random Functions (VRF) and uses the model for various transactions, computation, and storage purposes. Due to this, the MTV crypto offers safety and reliability with it, requiring only smaller nodes to produce significant speeds. With a higher throughput ratio, it can increase the transaction speed per second ratio of the blockchain.
Also read: How Terra's (LUNA) US$30 bn crash is benefitting this crypto
How is MTV crypto price faring?
The 952-ranked token was trading at US$0.001547 with a 24-hour trading volume of US$6,38,416, according to CoinMarketCap. The MultiVAC was down by 10.82% in the last 24 hours, with a live market cap of US$ $55,48,591 and 3,58,73,69,426 MTV coins in circulation.
As mentioned before, the MTV token has been on a bearish run, and its investors will hope that it can pull itself out from the string of losses and regain some of the lost grounds. However, with the market forces suggesting that the crypto market is in extreme fear, it will be interesting to see how soon it can pull itself back on track. All market participants looking for an entry point must make sure that they do their market research properly and then take any investment decisions.
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