Metacade positive catalysts could push price higher in 2023

Metacade (MCADE) price has held quite well in the past few days as the newly listed token continues gaining momentum. The MCADE token has been trading at $0.018 in the past few days, giving it an indicative market cap of over $25 million, according to Coinbase.

Latest Metacade news

One of the hottest crypto news of the past few days has been about Metacade, a new blockchain project in the gaming industry. The developers concluded the presale event at the end of March in which they raised over $16 million. This made it one of the best token sales of the year.

After that, Metacade has made several headlines. For example, the developers launched the token in Uniswap, the biggest decentralized exchange in the world. This means that users can now buy and sell the token. 

The developers have hinted that more exchange listings will happen soon. As we wrote here, the schedule is that it will be listed on Bitmart in the week ending April 16 followed by MEXC in the final week of the month. Historically, cryptocurrencies do well when they are listed in major exchanges. For example, Internet Computer’s ICP jumped recently after being listed on Poloniex.

Therefore, there is a likelihood that MCADE price will do well in the coming months as more exchanges like Binance, OKX, and Crypto.com list it. According to its white paper, most of these listings will happen in the second quarter.

Metacade has also made other important news. For example, the token was accepted and listed in some of the biggest platforms in the world. It has been listed on CoinGecko and CoinMarketCap, two of the biggest crypto price trackers in the industry. It was also listed on Coinbase, the giant American centralized exchange.

Another important Metacade news was that the developers announced the liquidity lock-up period. In a statement, they said that Liquidity will be locked until May 10th of this year. According to this website, 98.48% of liquidity has been locked.

Return of the raging bull

The other catalyst for Metacade price is that there are signs that the raging bull in the crypto market is returning. On Tuesday, Bitcoin crossed the psychological level of $30,000, meaning it jumped by more than 80% in 2023 alone. It has outperformed other top financial assets like the Nasdaq 100 and gold.

This performance is mostly because of the rising optimism that the Federal Reserve is about to end its hiking cycle as the economy slows. The consensus among most analysts is that the Fed will hike interest rates by 25 basis points in May and then start a strategic pause. 

If this happens, the Fed will be joining other popular central banks like those from Canada, Australia, and India that have paused. After ending its rate hikes, there is a possibility that most cryptocurrencies will continue rising as well. In fact, Bitcoin has jumped to a multi-month high since the Fed reduced its rate hikes from 0.75% to 0.50% to 0.25%.

Therefore, some analysts, including Mike Novogratz of Galaxy Digital believe that Bitcoin will jump to its all-time high of $67,000 in the next few months. If this happens, it means that other altcoins like Metacade will follow suit since they have a close correlation.

Product development catalyst

The other main reason why MCADE price will rise is that the developers will launch the game in the next few months. According to its white paper, the classic arcade game will be launched in the third quarter of this year. The launch of more external games in the arcade and tournaments will follow this.

As we have seen with other gaming platforms like Gala Games and Sandbox, their tokens tend to rise when there are major product or game launches. The developers will also launch metagrants in a bid to grow the ecosystem.

Therefore, a combination of a positive macro environment and product-specific upgrades will likely push Metacade’s price higher in the coming months.

The post Metacade positive catalysts could push price higher in 2023 appeared first on Invezz.