Bear markets can be incredibly tough for projects that have little adoption or lack a viable use case, but projects dedicated to building regardless of market sentiment tend to thrive in the next market cycle.
One project that has seen a significant increase in volume, despite the downtrend in the broader market is Stratis (STRAX), a blockchain development platform designed to help businesses create their own blockchain in a streamlined way.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.365 on June 15, STRAX price surged 220% to reach a daily high of $1.20 on June 29 amid rising 24-hour trading volume.
STRAX/USDT 1-day chart. Source: TradingView
Here are three reasons why the price of STRAX is going up this week as the broader cryptocurrency market continues to struggle.
The launch of the Metaverse tempts the size
The Metaverse has been one of the hottest topics during the 2021 bull market and the concept continues to be a driving force behind mass adoption in the crypto space.
Ahead of the recent STRAX price hike, the team behind the protocol teased the upcoming launch of the Sky Dream Mall, a metaverse project powered by the Stratis blockchain.
The protocol is seeing growth within the Non-Foldable 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 get a boost from its plan to launch a stablecoin Great Britain Currency (GBPT).
The GBPT stablecoin is being developed in collaboration with Price Waterhouse Coopers (PwC), which is helping Stratis complete the FCA registration process. PricewaterhouseCoopers will also provide future audit services when the GBPT stablecoin is finally released.
The team is also working on a ticket management system that will allow NFTs to be used to verify entry and store benefits and perks for assigned events and venues.
Related Topics: Governments, Enterprises, Games: Who Will Lead the Next Crypto Bull Race?
Awareness in Uganda
The third factor helping to boost the price of STRAX is the ongoing development of the Blockchain Innovation Center in Uganda, which aims to increase blockchain knowledge and awareness.
The project began after Stratis entered into a long-term partnership with the King Oyo Foundation, the current king of the Kingdom of Toro in Uganda.
Construction of the center began on May 24 and the latest project update was published on June 27 showing that the foundation of the center is nearing completion.
