A Sudden Drop: Multichain’s Token Price Decline
On May 24, investors woke up to turmoil as the price of Multichain’s token (MULTI) nosedived by an astonishing 30%, trading at $4.97. Now, that’s a dramatic plot twist that even the best crypto soap operas can’t match.
Delayed Digits: The Backend Upgrade Fiasco
The chaos can be traced back to a backend node upgrade that took longer than cereal on a Sunday morning. Users frantically reported that their cross-chain funds were caught in limbo, not quite here, not quite there. An admin on the Multichain Discord channel reassured everyone:
“Most routes are working as usual, as some routes (Kava, zkSync, Polygon zkEVM) are temporarily suspended. All affected transactions will arrive after the upgrade is complete. We sincerely apologize for the inconvenience caused.”
It seems that just like many tech projects, even Multichain can’t seem to catch a break.
Liquidity Woes: The Fantom Factor
As if that wasn’t enough, a wallet linked to the Fantom Foundation reportedly siphoned off 449,740 MULTI tokens worth around $2.4 million from the liquidity pool on SushiSwap. Talk about a dramatic wallet exit! Rumors swirled, with one particularly juicy tweet claiming that the Multichain team had been arrested by authorities and had $1.5 billion in contract funds under their control. I mean, can you even imagine? That’s the kind of plot twist that would make Quentin Tarantino proud.
Outflows and Analytics: The $3 Million Mystery
Meanwhile, blockchain analytics firm Lookonchain reported that smart money accounts funneled at least $3 million worth of MULTI tokens out in a classic ‘get-it-while-you-can’ maneuver. The market was clearly reacting in a frenzy as people scrambled to save themselves from the impending doom.
A Brief History of Multichain: From Glory to Gloom
Founded in July 2020, Multichain aimed to bridge the gap between different blockchains—and it did that successfully, reaching a total value locked (TVL) of a staggering $1.59 billion and peaking at $10.5 billion early last year. Things were looking up, and who wouldn’t want to ride a wave like that? But with bear markets lurking around every corner, the crypto scene can be as unpredictable as a toddler’s mood swings.
Looking Ahead: What’s Next for Multichain?
Despite the drama, it’s not all doom and gloom for Multichain. Recently, they pledged a $100 million ecosystem fund aimed at accelerating multichain projects. The hope is still alive; sometimes, rejuvenation comes after a little turbulence. Just ask any bird who’s learning to fly after a fall!
