- Metal Dao (MTL) becomes the new Korean Memecoin.
- The current trading volume of MTL is $260 million.
- Bulls have dominated the MTL market in the last 24 hours.
According to a recent tweet posted by CryptoNewsLand, a reputable media organization, Metal Dao (MTL) has taken the lead in the South Korean market, emerging as the new Memecoin for the country.
Based on recent data, the trading volume of Metal Dao in South Korean won (KRW) is approximately 260 million dollars. This data came from the crypto trading platform, Upbit, which is the most prominent cryptocurrency exchange firm in South Korea.
Presently, the Metal DAO (MTL) utility token is used to manage the stablecoin known as the Metal Dollar (XMD). In addition, holders of MTL receive tiered trading discounts when they use the Metal Pay cash and cryptocurrency app. Customers who own 10,000 MTL or more on their Metal Pay accounts are eligible to make purchases of cryptocurrencies with no transaction fees.
Nonetheless, in spite of the positive feedback that has been received by MTL users, the annualized negative financing rate for the Binance MTL contract is as high as 1430 percent.
This comes after the South Korean regulatory authority Financial Services Commission (FSC) issued the guidelines on cryptocurrencies as securities tokens ahead of their planned legalization.
According to data from CoinMarketCap MTL was trading at $1.54 at the time of this writing, representing a price increase of 22.04% in the previous twenty-four hours, with bulls putting support around $1.25 and resistance at $2.10. The upbeat attitude of market participants is reflected in the trading volume, which has surged by 720.90% and is currently hovering around $465,581,833 in total.
