Moonriver’s native token MOVR experienced significant gains on Tuesday, rising as much as 47% to over $7, becoming the second-largest token gainer on the Binance exchange. Although there were no major project announcements to explain the rally, there was a strong upward trend.
MOVR’s price has surged 63% over the past week, extending its 30-day gain to 73%. The altcoin is currently trading at its highest level since mid-September.
Moonriver provides an Ethereum-compatible smart contract parachain on the Kusama network, acting as a canary network for the Moonbeam project on Polkadot.
By providing full EVM compatibility and Web3 APIs, Moonriver becomes an experimental platform for Ethereum developers to test their applications before deploying them to the Moonbeam mainnet.
The lack of major project updates from Moonbeam/Moonriver makes it difficult to decipher the reason for this uptrend. Some speculation revolves around the migration of network activity from Kusama to Polkadot, which could add to the bullish sentiment.
Moonriver’s price has risen rapidly as Bitcoin trades in a range and the altcoin market as a whole recovers. Traders will be watching closely to see if the altcoin market can sustain this new momentum or if the 47% single-day gain represents an unsustainable short-term top.
