Moonriver Gives Traders Reason to Stick Around

As cryptocurrency investors continue to hunt the next big coin, one up-and-coming project is increasingly on their radar. Moonriver (MOVR) has a market cap of $882 million and has seen the price grow 350% since the network went live in August. Moonriver, an Ethereum-compatible smart contract platform, is already listed on major crypto exchanges like Kraken and Binance as holders await even more catalysts to potentially fuel further gains.

Some traders are comparing their Moonriver holdings to Cardano, another smart contract platform. And some are redirecting their Cardano profits into Moonriver in hopes of getting in early enough to watch MOVR run.

 

Moonriver Dip

Despite a recent dip in the Moonriver price, investors do not seem overly fazed, based on social media sentiment. Some are blaming the dip on the recent Binance listing, pointing to additional arbitrage opportunities and increased whale activity.

The Binance listing on Nov. 8 also coincided with a rally, sending the MOVR price as high as $495 on that day. Moonriver has since given back some of those gains but it is still up over 2% since Binance officially announced the listing.

In addition, crypto exchange Sushi, which is part of the Yearn DeFi ecosystem, recently went live on Moonriver, giving MOVR tokenholders the opportunity to access SushiSwap’s DeFi capabilities.

MOVR investors appear confident about the project’s fundamentals, while others have their sights set on the moon.

 

$MOVR (1D), after the last Falling wedge correction broke out; Price made an impulsive move to the upside and now correcting before continuing higher to pump to the wedge target at $650; which is the next supply zone.$MOVR will pump hard 🎇🎇🚀#NFA #DYOR #MOVR pic.twitter.com/dKx2POhKKn

— RALVΞRO (@Ralvero) November 9, 2021

Blockchains and Parachains

Moonriver is one of the parachains that exists on the Kusama network. In fact, it is “the most active parachain on the Kusama network,” according to the Moonbeam Network.

Parachains are a product of the Polkadot protocol, and Kusama is a place for developers to experiment or launch something quickly. Parachains give blockchains the ability to share information.

Developers can deploy their decentralized apps (Dapps) onto the Moonriver parachain to access the Kusama network. Moonriver also connects to “existing Ethereum networks” and will later “bridge to other assets like bitcoin,” as Kraken describes it.

Moonriver is the sister project to Moonbeam, which is one of the projects in line to join the Polkadot network as a parachain. The Polkadot parachain auctions are in the process of unfolding.