STRAX price bucked the entire market downtrend by rising 200% after the team revealed its plans for a British pound stablecoin and a new metaverse.
Bear markets can be incredibly harsh for projects that have low adoption or lack an applicable use case, but projects that are dedicated to building regardless of market sentiment tend to do well in the next market cycle.
One project that has seen a noticeable boost in volume, despite the broader market downtrend, is Stratis (STRAX), a Blockchain development platform designed to help businesses set up their own Blockchain in a streamlined way.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.365 on June 15, STRAX price has risen 220% to hit a daily high of $1.20 on June 29, amid a growing 24-hour food volume.
Here are three reasons why STRAX price is rising this week as the broader cryptocurrency market continues to struggle.
Metaverse Launch Draws Volume
The Metaverse was one of the hottest topics during the 2021 bull market and the concept continues to be a driving force for mass adoption in the cryptocurrency space.
Before the recent STRAX price rally, the team behind the protocol teased the upcoming launch of Sky Dream Mall, a metaverse project that is powered by the Stratis Blockchain.
On Twitter, user @Polycarbongame posted that, “Sky Dream Mall, a metaverse powered by Stratis Blockchain Coming soon!”
The protocol has seen growth within its non-fungible token (NFT) and GameFi communities, thanks to projects like the Astroverse Club and Trivia Legends.
Stablecoins and NFTs
Along with growth on the Metaverse front, Stratis could also be getting a boost from its plan to launch a Great British Round Token (GBPT) stablecoin.
The GBPT stablecoin is being developed in conjunction with Price Waterhouse Coopers (PwC), which is helping Stratis complete the Financial Conduct Authority (FCA) registration process. PwC will also provide future auditing services when the GBPT stablecoin is finally launched.
Outreach in Uganda
A third factor contributing to the price of STRAX is the ongoing development of a blockchain innovation hub in Uganda, which aims to increase knowledge and awareness of blockchain technology.
The project began after Stratis entered into a long-term partnership with the King Oyo Foundation, the current monarch of the Kingdom of Tooro in Uganda.
On Twitter, user @Stratisplatform posted that, “The foundations have been laid for the Stratis blockchain innovation center in Uganda as part of the Stratis global expansion.”
Construction of the center began on May 24 and the most recent project update was released on June 27, showing that the center’s foundations are nearly complete.
By Audy Castaneda
