RLY surges over 80% in a day as project team shares treasury holdings, future plans
Rally Token (RLY) registered an increase of 83.73% over the last 24 hours. crypto slate data.
RLY tokens increased from a low of $0.0149 to a high of $0.0313 over the last 24 hours. At the time of writing, the price of RLY is hovering around $0.0265.
CryptoSlate’s data also shows that the token has registered surges of 108.96% and 121.61% over the last 7 and 30 days respectively. The 30-day indicator is unexpectedly strong given that Rally’s sidechain, RallyIO, shut down on January 31st, sending RLY’s price down by 10%.
rally’s future
The daily surge in tokens is the result of the project team thread We will disclose our financial holdings and future plans on March 1st on our official Twitter account.
The Rally Team said they felt the need to assure the community about the protocol’s future after the sidechain was shut down. pointed out that it continues to be an important technical contributor to the protocol. Given the number of applications built on this protocol, the team said the suspension of RallyIO would not affect the strength of his RLY ecosystem.
The team added:
“Looking to the future, the RLY Network Association will soon announce new additions to the RLY open source software to support and grow the RLY ecosystem and community.”
According to the thread, the RLY blockchain will continue to grow along with Polygon (MATIC), Solana (SOL), Flow (FLOW), and other protocols.
RLYMinistry of Finance
RallyIO’s closure has raised bankruptcy concerns about the project. The rally team confirmed this by stating:
“RallyIO is one of many applications built on the RLY protocol and their shutdown will not impact or change the viability of the entire ecosystem. The Treasury Department has significant funding to continue to innovate and support the ecosystem.”
According to the project team, there are currently over $20 million USD Coin (USDC) and over 7 billion RLY tokens in treasury. His two primary wallets in Treasury contain most of these tokens, located at 0xe75ed5295c13d224036feb6439db7539fe6d7ce8 and 0x75f4BD3A503f23450Ed9e8dABDAFDE6288af2c9b.
