Bear markets can be incredibly harsh for projects that have little adoption or lack an applicable use case, but projects that dedicate to building regardless of market sentiment tend to succeed in the next market cycle.
One project that has seen a noticeable boost in volume, despite the wider-market downtrend is Stratis (STRAX), a blockchain development platform designed to help enterprise businesses establish their own blockchain in a simplified manner.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.365 on June 15, the price of STRAX has rallied 220% to hit a daily high of $1.20 on June 29 amid a surging 24-hour trading volume.
Here are three reasons why the price of STRAX is rallying this week as the wider crypto market continues to struggle.
Metaverse launch entices volume
The Metaverse was one of the hottest topics during the bull market of 2021 and the concept continues to be a driving force behind mass adoption in the crypto space.
Prior to the recent STRAX price rally, the team behind the protocol teased the upcoming launch of Sky Dream Mall, a metaverse project that is powered by the Stratis blockchain.
Sky Dream Mall, a metaverse powered by Stratis Blockchain Coming soon! #metaverse #metaverseland #nftcommunity #nftartwork #vaperwave #stratis #Cryptocurency
.@StratisphereNFT .@stratisplatform .@Stratis_Faction pic.twitter.com/TpmhGDpKvz
— Polycarbon Games (@Polycarbongame) June 25, 2022
The protocol has been experiencing growth within its nonfungible token (NFT) and GameFi communities, thanks to projects like he Astroverse Club and Trivia Legends.
Stablecoins and NFTs
Along with the growth on the Metaverse front, Stratis could also be getting a boost from its plan to launch a Great British ound Token (GBPT) stablecoin.
The GBPT stablecoin is being developed in conjunction with Price Waterhouse Coopers (PwC), which is helping Stratis complete the Financial Conduct Authority (FCA) registration process. PwC will also provide future auditing services when the GBPT stablecoin is eventually released.
The team is also working on a ticketing management system that will allow NFTs to be used to validate entry, and store benefits and perks for designated events and venues.
Outreach in Uganda
A third factor helping to bolster the price of STRAX is the ongoing development of a blockchain innovation center in Uganda, which aims to increase blockchain knowledge and awareness.
The project began after Stratis entered a long-term partnership with the Foundation of King Oyo, the current monarch of the Tooro Kingdom in Uganda.
— Stratisplatform (@stratisplatform) May 24, 2022
Construction of the center began on May 24 and the most recent update on the project was posted on June 27 showing that the foundation for the center is nearing completion.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.