Metaverse Crypto coins continue to see significant price gains even with the market showing bearish momentum. The top gainer for today is MetaPlanet, a Metaverse crypto coin released today. With a 24-hour volume of $1.3 million, MetaPlanet has got the market’s attention. Let’s take a closer look at this Metaverse crypto coin and see why the price is rising so much today.

What Is MetaPlanet (MPL)?

Launched on January 20th, MetaPlanet is a DeFi Metaverse ecosystem built on the Binance Smart Chain. It features its BEP-20 MPL token as the native currency on the platform.

Metaplanet’s mission is to develop a full suite of Defi and GameFi applications and help crypto investors profit from the industry’s growth.

Like other Metaverse projects, MetaPlanet is looking to create a DeFi ecosystem and employ liquidity pools and NFTs to enable investors to earn a passive income.

Currently, Metaplanet offers the MPL swap exchange, a decentralized cryptocurrency exchange that allows users to become takers or makers through their wallets. Users retain complete control of their funds and aren’t required to register an account to use the exchange.

MetaPlanet also offers the MPL Trax, a derivatives trading platform for beginners. Traders can predict whether the price of a selected cryptocurrency will rise or fall over a specified period. If the prediction is correct, users are rewarded with 75% profit. When an incorrect prediction is made, users will lose their original investment. Users can also manage their risk to how they see fit.

Why Is MetaPlanet Price Rising?

There are several reasons for MetaPlanet’s recent price hike. First of all, the fact that MPL was just recently listed means many investors are going to FOMO into the market and purchase a bag.

In addition, the ecosystem that MetaPlanet envisions is quite attractive for new investors. The MPL Swap, Exchange, MPL Trax, and the Metaverse are all trending topics in crypto right now and are sure to generate hype and trading volume for a project.

In addition, the tokenomics of the project look promising because the circulating supply matches the max supply. This means that the market cap of MPL isn’t manipulated to seem lower than it is, which a lot of projects do to trick investors into thinking the project is undervalued when in fact, it’s overvalued.

MetaPlanet is currently trading at $0.0001162, up over 460% today. Its market cap is $869k with a 24-hour volume of $1.3 million.

You can purchase MPL on PancakeSwap with the WBNB pair.

Should I Buy MPL?

The market favors MetaPlanet today, as the immense volume speaks to the popularity of this project. However, keep in mind that MetaPlanet currently doesn’t have a Minimum Viable Product (MVP), which is disappointing.

In addition, some parts of its whitepaper make no sense and have severe grammar issues. Take a look at this paragraph from page 6 of their document:

“metaplanet is metaverse currently only through decentralized metaverse project its seeking to merge the concept of metaverse with a cryptocurrency best economy it is best space theme setting for enhanced experience that takes into what makes human unique a drive in desired to explore and learn to go beyond Metaplanet just not a planet or a swap it will connect all crypto chains through MPL Swap provide consumers to a very low gas fee on a transaction that will be made by Metaplanet’s consumers here its connect defi Plus metaverse play to earn games and decentralized accesaccess”

I couldn’t make sense of anything in that paragraph, and such writing is a huge red flag for investing in this project.

If you’re looking for a high-risk gamble, then, by all means, head on over to PancakeSwap and purchase some MPL. However, if you’re looking for a safe investment, I urge you to exercise caution when it comes to MPL.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.

Follow us on Twitter @themerklehash to stay updated with the latest Metaverse news!

Image Source: khoamartin/Shutterstock.com