Multichain Token Surges 125% And Sees 7000% Volume Increase After CEO’s Arrest
Multichain token (MULTI) experienced a massive increase of 125% in the past 24 hours, according to CoinMarketCap. The transaction volume also spiked by nearly 7000%. At the time of this writing, MULTI is trading at $2.15 after hitting a peak of $2.38 a few hours ago.
This sudden surge in price and volume is likely due to recent news surrounding the project. Multichain CEO Zhao Jun was taken away from his home by the Chinese police, and the project was forced to cease operations.
Despite this setback, the project has repositioned itself as an infrastructure for arbitrary cross-chain interactions, an ultimate router for Web 3. Evolved from Anyswap, a decentralized cross-chain swap protocol with DEX trading and liquidity mining rewards, Multichain is designed to allow for cross-chain interactions seamlessly and safely.
The total supply of MULTI will be 100 million according to the fixed exchange ratio with ANY as the total supply of ANY is 100 million. Currently, ANY circulating supply is 18,639,320, accounting for 18.64% of the total. Once the swap is completed, MULTI circulation will be 18,639,320 while the uncirculated accounts for 81.36%.
The uncirculated MULTI tokens are locked in smart contracts, and their specific use is determined by the DAO. ANY Tokenomics for repurchase and destruction will also be upgraded to the veMULTI model.
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