MERL (Merlin Chain) rose 42.94% in the last 24 hours.

Gate News Bot message, on September 22, according to CoinMarketCap, as of the time of writing, MERL (Merlin Chain) is currently priced at $0.29, with a rise of 42.94% in the last 24 hours, reaching a high of $0.38 and a low of $0.15. The current market capitalization is approximately $279 million, an increase of $83.9 million compared to yesterday.

Merlin Chain is a Bitcoin native Layer 2 network designed to unleash the potential of Bitcoin, supporting native L1 assets, users, and protocols. As an EVM-compatible chain, Merlin Chain offers low fees and high scalability, ensuring fast transaction processing and enhanced transaction liquidity. It supports various Bitcoin protocols such as BRC20, BRC420, Bitmap, Atomicals, Pipe, and Stamp, enabling a broader user base to interact on Bitcoin Layer 2. Merlin Chain implements ZK-Rollup technology to improve efficiency and scalability and continues to focus on fair releases and community-driven Layer 2 native innovations, providing unique solutions for the Bitcoin network and its users.

Important recent news about MERL:

1️⃣ Large amount of MERL funds exit the exchange In the past 6 days, two large wallet addresses have transferred a total of 98.24 million MERL tokens from the exchange, equivalent to about 14.9 million US dollars. This large-scale fund transfer may indicate that some investors are engaging in long-term holding or locking, reducing the circulating supply in the market.

2️⃣ Market liquidity temporarily tightens A large number of MERL tokens leaving the exchange may lead to a short-term contraction in market liquidity. In this case, smaller buy orders could quickly drive the price up, partly explaining the significant rise of 42.94% in MERL over the past 24 hours.

3️⃣ Signs of Increased Investor Confidence Large amounts of funds leaving the exchange are usually seen as a bullish signal. This indicates that some large investors may have a positive attitude towards the long-term development prospects of Merlin Chain, willing to transfer tokens to private wallets for long-term holding, reflecting an increased market confidence in the project.

From a technical perspective, after the MERL price broke through the previous resistance level of 0.19 dollars, it continued to pump and has now reached 0.29 dollars. In the short term, it may face profit-taking pressure, and investors need to closely monitor whether the price can maintain its current level to confirm the sustainability of the rise.

This message is not intended as investment advice, and investors should be aware of market volatility risks.