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After plunging as low as $3.3156 last week following the news of its force majeure challenge that saw some of its operations halted a few weeks back, Multichain protocol has resumed operations, according to insights shared by crypto analytics provider Lookonchain.
Lookonchain noted that operations resumed on four prominent protocols, Polygon, ZkSync Era, Kava and Avalanche. The news of the protocol's operations spiked the price of its native token by more than 12%, and it is changing hands at $4.37 at the time of writing.
1/ ~5 hrs ago, #Multichain's transactions on the Polygon / Zksync Era/Kava/Avalanche network resumed normally.
— Lookonchain (@lookonchain) June 5, 2023
And the price of $MULTI rose from $3.5 to $5.1, an increase of 46%.https://t.co/n8PKFSicOvhttps://t.co/Qvj3neJfVQhttps://t.co/7Xo7XcpOiMhttps://t.co/Qo7M5Q7L8Q pic.twitter.com/SuxwG7QzAV
The chaos surrounding the protocol is still far from over, and exchanges are currently maintaining the sidelines after delisting MULTI tokens over the news of uncertainty surrounding the protocol. This comes at a time when, over the past week, the Multichain CEO was reportedly arrested. To this point, there is no news as to whether the CEO has been released from jail or not.
When the slowdown in operations was recorded, Multichain promised to refund all impacted users, and it remains unclear whether these refunds were made before the resumption of normal on-chain activities.
Godfrey BenjaminBeaten but not battered
The Multichain protocol is best described as one that has been beaten but not battered. Despite the FUD it has experienced in the past few weeks, MULTI token has remained relatively stable.
Prior to this current news of recovery and resumption of activities, Multichain printed 34% growth about a week ago to showcase how much solidarity the community has for the protocol. With the latest updates, what was feared as another rugpull event is turning out to be a glitch that the Multichain platform is doing all it can to recover from.
In all, MULTI token is still down by more than 52% for the month.
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov