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Binance-Backed Highstreet (HIGH) Token Gains 200%, Here's Reason

Mon, 01/30/2023 - 15:13
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Tomiwabold Olajide
In last 30 days, HIGH has pulled off gains of 228%
Binance-Backed Highstreet (HIGH) Token Gains 200%, Here's Reason
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According to CoinGecko data, HIGH, the token of Highstreet, is up 142% in the last seven days. The token also ranks among the top gainers among the top 500 cryptocurrencies by market capitalization, up 16% in the last 24 hours to $2.97.

This comes as the market recorded losses in the last 24 hours, with Bitcoin and the majority of altcoins trading in the red at press time.

Sentiment is mixed as investors await the Fed's next meeting, which will conclude with the central bank's latest interest rate decision on Wednesday.

In the last 30 days, HIGH has pulled off gains of 228%. According to on-chain data provider Lookonchain, "The price of HIGH increased nearly 200% after Binance CEO, CZ said that binance would prefer to invest in other virtual reality or metaverse games."

A scroll through the official Twitter feed of Binance Labs Fund reveals discussion about metaverse since the start of the year. From Jan. 16 to 20, Binance held an inaugural metaverse demo in collaboration with High Street, League Kingdoms, The Sandbox, Space and Ultiverse.

Highstreet raised its first seed round from investors such as Mechanism Capital, Cherubic Ventures, NGC Ventures and Jump Trading and raised a second seed investment led by Binance Labs and Animoca Brands in October 2021.

The second seed investment was to supercharge its commerce-focused metaverse. As a result, Highstreet set out to create the first-ever metaverse marketplace, in which physical goods are traded as non-fungible tokens, or NFTs. The marketplace, which runs on the Ethereum blockchain, is built for high-end brands to launch limited-edition products.

As part of this strategic investment, Highstreet would build Binance Beach in its metaverse marketplace.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.

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