"The name has been changed, the goal must be new, right?"
Cryptocurrency MultiversX (EGLD) managed a drastic 37% surge to over $49 after digital asset exchange UpBit listed the token on their platform, but is now down at $44.38.
In context, MultiversX formerly known as Elrond is the first leading blockchain project to apply sharding technology that wants to be a replacement for Ethereum (ETH) and Solana (SOL).
Sharding is a technology that improves transaction processing by breaking blocks into smaller pieces known as shards, thus EGLD users can save on follow-up costs on an average transaction cost of around $0.0022.
It is also understood that the EGLD network, which has over 2.2 million wallets and completed 314 million transactions, has been adopted by most creators of dApps, non-fungible tokens (NFT), metaverse and so on.
Back to the original news, Upbit acting to list EGLD on its platform has been the main reason for the price of the digital asset to soar as it is one of the largest crypto exchanges in the world with over 8.6 million customers.
Just like the price of Floki Inu (FLOKI) which also surged to pass the level of $0.000049 when Binance US listed the memecoin.
However, according to an analyst's prediction, EGLD may continue to shrink in a few days for its price to continue to rise higher, but it should be noted that it also depends on the performance of Bitcoin (BTC) and Ethereum (ETH).
