Why is Arcane Token's (ARCANE) volume gain turning heads?

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 Why is Arcane Token's (ARCANE) volume gain turning heads?
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Arcane Token crypto (ARCANE) is a hyper-deflationary token powered by the Binance Smart Chain network. Released in November 2021, ARCANE crypto primarily intends for the future of non-fungible tickets (NFT). Though still in its infancy stage, the token has garnered enough eyeballs as it aims to provide the first-ever made project, which boasts of advanced utilities with zero clone codes.

Besides, the Arcane crypto also comes across an NFT marketplace with about 17 NFTs in multiple categories such as silver, gold, epic diamond and legendary. All these categories offer minting facilities to the users, allowing them to earn additional income.  

The Arcane Token crypto on 24 August was up by 0.91% at 8:01 AM (GMT +1), according to CoinMarketCap. However, its volume grabbed attention as it was up by 1653.29% at the time of writing.

What's the reason for Arcane's volume rise

Arcane crypto seems volume may have got a lift following its release of the Financial Report for Q2 2022, which indicated it was one of the tokens that were untouched by the July flash crash. In fact, according to Arcane Crypto's CEO, Torbjorn Bull Jenssen, the protocol, despite witnessing a decline in retail trading volumes and lack of mining activities due to increased energy prices, has managed to relocate its operations to remain profitable. Jenssen adds that its fund managers have ensured that the token outperforms Bitcoin.

One of the unique features of the ARCANE crypto is its ability to decrease the supply, thereby increasing the demand for the token. Besides, its team is harnessing the NFTs to raise awareness of the protocol.

How is Arcane crypto faring?

The 6803-ranked Arcane crypto was trading US$0.000748 with a trading volume of US$21.53 over a day, according to CoinMarketCap. The Arcane token had a fully diluted market cap of US$74,213 with a maximum supply of 10,00,00,000 ARCANE coins.

While token's gain today must be heartening as for the past two weeks or so, Arcane crypto had witnessed its all-time low of US$0.00070112 on 20 August. In the past 14 days, it was down by 41.4%, and over the past week, it was down by 36.3%, according to CoinGecko. But its investors would hope that the crypto can sustain its gains instead of one-off. Having said that, as a market participant, it's critical to be cautious at all times and take an important financial decision only after proper research instead of rushing to a decision.

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