The Elrond price jumped to an all-time high of $500 as investors cheered the developers’ $1.2 billion liquidity incentive program. EGLD, its native token’s price is trading at $473, which is about 727% above its lowest level in July. It has risen by more than 1,750% this year, bringing its total market cap to more than $9.4 billion.
EGLD bullish momentum
Elrond is a blockchain project that enables developers to build applications in all industries like decentralized finance (DeFi) and non-fungible tokens (NFT).
The network differs from the likes of Ethereum and Avalanche in that it uses an adaptive state sharding technology. This technology helps to improve speeds by slicing blocks into smaller pieces. It is the same technology that made Zilliqa relatively popular.
Elrond also uses a secure proof-of-stake technology, which helps to improve its speed. In PoS, transactions are verified by validators, meaning that it does not rely on computers solving calculations.
Most importantly, Elrond has a virtual machine that is built on WASM. This helps to increase the number of languages that developers use to build on the network. EGLD is the native token for the Elrond ecosystem.
The EGLD price is rising as investors react to the new $1.2 billion liquidity incentive price that was unveiled on Friday. The incentive was launched by Mair, a leading Elrond developer.
The liquidity program will be carried out in MEX, which is Mair’s utility token. These funds will be given to Mair DEX users who will provide liquidity in EGLD, MEX, and USDC tokens. In a statement, Elrond’s CEO said:
“By distributing Maiar DEX ownership to the next billion users, we lay the foundation for a truly global financial system that is accessible to everyone, everywhere.”
Elrond price prediction
The Elrond price has been in a bullish trend in the past few weeks. This rally accelerated when the coin jumped above $251, which was the highest level in April.
By rising, the coin managed to invalidate the rising wedge pattern that has been forming recently. A rising wedge is usually a bearish sign.
The MACD has kept rising while the price is slightly above the 25-day moving average. Therefore, there is a likelihood that the EGLD price will keep rising as the fear of missing out (FOMO) sets in.
