Secret (SCRT) Draws in Big Investors, Raising $400m to Support Big Goals

While it’s been a bearish start to the year for Bitcoin (BTC) and the broader market, Secret (SCRT) has been on the move.

Having fallen back from a November high $11.08 to sub-$4.00 levels late last year, Secret has found strong support.

For the current month, Secret was up by 78% to a Wednesday closing $9.06. Earlier in the month, Secret had struck a new ATH $11.25 before easing back.

Tarantino’s Pulp Fiction NFTs and Privacy Key Drivers

At the turn of the year, there’s been no shortage of favorable news to support Secret’s current breakout.

Early this year, news hit the wires of Pulp Fiction’s Tarantino going ahead with the sale of 7 Pulp Fiction NFTs. The sale of the 7 NFTs, called “Secret NFTs” started on Monday and ends on 31^st January.

The Secret’s NFT launch will have two components. Uncut scenes from the movie and secret content, only accessible by the buyer. A key attribute of the Secret (SCRT) is that users can build and use applications “that are both permissionless and privacy-preserving”. Secret (SCRT) therefore protects users and also secures applications. The goal is to allow users to control how their data is used and viewed.

With regulatory scrutiny also on the rise, Secret’s platform attributes are likely to provide strong demand in the year ahead.

Such has been investor interest that SCRT is currently ranked #79 on CoinMarketCap, with a market cap of $1,352m and a Total Value Locked (TVL) of $65.95m. Secret had only just entered the top 100 at the start of the year.

Secret Network Announces $400m in Ecosystem Funding

With SCRT having hit an ATH this month and bucking the trend across the broader crypto market, Secret Network delivered more good news this week.

Overnight, Secret Network announced $400m in ecosystem funding, with some big names loosening their purse strings. Marquee investors included HashKey, DeFinance Capital, CoinFund, and Alameda Research among others.

As part of the announcement, Secret revealed “a new $225m ecosystem fund targeted at expanding Secret Network’s application layer (NFTs and DeFi), network infrastructure, and tooling”. In addition, Secret announced a $175m accelerator pool. Funded in SCRT, the pool is there to “provide non-dilutive capital, grants, and ecosystem incentives to rapidly expand user adoption”.

Secret’s targets for the first half of this year include launching hundreds of new apps as well as the on-boarding hundreds of thousands of new users.

Secret (SCRT) Price Action

At the time of writing, down by 0.63% to $9.003. A move back through to $10.00 levels would give SCRT a run at 14^th January’s $11.25 ATH. With the broader crypto market under pressure, we can expect plenty of resistance at $10.00, however. The day’s first major resistance level sits at $9.85.

A fall back to sub-$9.00 levels would bring this week’s low $8.37 into play before any recovery. The day’s first major support level sits at $8.32.