- Rarible is a small Non-Fungible Token (NFT) marketplace.
- The RARI price has crashed by over 75% from its all-time high.
- We explain why its price crashed and what to expect next
The Rarible price has been in a deep sell-off lately as concerns about the growing competition in the non-fungible token (NFT) industry. The RARI coin is trading at 11.65 USDT, which is the lowest it has been since August last year. It has fallen by over 75% from its highest level in 2020, bringing its total market cap to about $71 million.
What is Rarible?
The Non-Fungible Token industry has been in a strong growth in the past few years. It is estimated that the volume of NFTs traded in 2021 grew to over $23 billion in 2021. This was a significant increase considering that the industry was barely in existent three years ago.
Indeed, many companies in the industry have attracted billions of dollars from investors. For example, OpenSea, the biggest player in the industry is now valued at over $13.3 billion. Another company known as Looksrare has also seen strong growth.
Rarible is another relatively small but fast-growing NFT marketplace. The company uses blockchain technology to help people develop and then sell their NFT products. It was one of the first firms to simplify the process by allowing people to buy coins using debit and credit cards.
Another key benefit for Rarible is that it is a multichain NFT marketplace. This means that users can mint, buy, and sell NFTs on multiple chains like Ethereum, Tezos, and Flow. To get here, Rarible has raised over $14 million from investors at a market value of $150 million.
RARI is the native token for the Rarible network. Using the coin, people can handle transactions and even vote on a number of suggestions.
While Rarible has seen strong growth, the RARI price has not done well. It has crashed by 75% from its all-time high. The market is simply worried about the rising competition now that more companies like Binance and Crypto.com are in the industry. Also, there are concerns about the future of NFTs in a period when the Federal Reserve is tightening.
Rarible price prediction
The daily chart shows that the Rarible price has been in a strong bearish trend in the past few months. And today, the coin is trading at an important support level where it has struggled moving below before. It has also moved slightly below the 25-day and 50-day moving averages.
Therefore, there is a likelihood that the RARI price will keep falling as bears target moves below the key support at $10.
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