{"id":427846,"date":"2023-08-08T15:12:59","date_gmt":"2023-08-08T15:12:59","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=427846"},"modified":"2023-08-08T15:12:59","modified_gmt":"2023-08-08T15:12:59","slug":"multichain-price-prediction-as-shibie-coin-takes-off-will-multi-token-follow","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/multichain-price-prediction-as-shibie-coin-takes-off-will-multi-token-follow","title":{"rendered":"Multichain Price Prediction: As Shibie Coin Takes Off, Will MULTI Token Follow?"},"content":{"rendered":"

Multichain Token (MULTI<\/a>) is currently confined within a narrow trading range following its recent decline triggered by the Protocol Exploit. However, further fall seems imminent with negative developments.<\/p>\n

$MULTI Token Reacts to Ethereum Wallet Activity Following Multichain Exploit<\/h2>\n

The $MULTI token is being influenced by recent developments involving an Ethereum (ETH<\/a>) wallet linked to the Multichain exploit. This wallet, known for receiving funds from the Multichain team’s address and flagged as “suspicious,” sold $2.4 million of Chainlink’s token (LINK) and $1.8 million of WOO Network (WOO) tokens on Uniswap.<\/p>\n

https:\/\/twitter.com\/CoinCrux_Market\/status\/1687591743204769801<\/p>\n

The wallet, set up recently, also got deposits of $800,000 in CRV tokens<\/a> and $870,000 in YFI tokens. The tokens are now on sale on the Uniswap DEX<\/a>. These events follow Multichain’s shutdown and Chinese authorities’ reported detainment of its CEO Zhaojun and his sister. Furthermore, a few weeks earlier, Multichain also experienced an incident where $130 million was stolen from various blockchains. The loot was then sent to a wallet marked as suspicious on Etherscan<\/a>.<\/p>\n

Multichain’s Downfall Sends Shockwaves Through Fantom Ecosystem<\/h2>\n

The exploit in Multichain has profoundly impacted the Fantom network, causing a notable decline in activity. Fantom’s co-founder Andre Cronje acknowledged the setback, citing a drop in total value locked (TVL) from $364 million in May to about $70 million by July 14. This was alongside a dip in the native FTM token’s price.<\/p>\n

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📢 Andre Cronje expresses disappointment as Multichain impacts Fantom's TVL! 💔📉 The setback caused by Multichain has led to a decline in Total Value Locked (TVL) in the Fantom ecosystem. What does this mean for the project's future? Let's discuss! 😮💭 #blockchain<\/a> #Fantom<\/a><\/p>\n

— Victor (⛩,🦖) ❤️ Memecoin ♥️ Memecoin (@Oxshadownft) July 20, 2023<\/a><\/p><\/blockquote>\n