RMRK had been relatively stable during the current year with the price level mostly below $10. However, the cryptocurrency picked up the pace in November and established a new all-time high, after which it again began moving stably. The process has now repeated as the beginning of the new month has once again resulted in a steep upward spike towards a new all-time high. The token established the new ATH at a price level of $66 during the current day. At the time of writing, the price stands at $63 – down by 5% from the ATH. The price of the cryptocurrency has increased by more than 30% during the past twenty-four hours while the weekly performance shows a phenomenal growth of 117%. The daily trading volume is also up by 80%.
What is RMRK?
RMRK, pronounced as Remark, is a part of Kusama – the canary network of Polkadot – and runs over its blockchain. The project is regarded to be an integral piece of Kusama’s NFT strategy. Moreover, it is also designed to prevent the misuse of the Kusama ecosystem. Although it is built on top of Kusama, the network runs without needing parachains or smart contracts. In fact, it allows custom notes to be written on the chain in a standardized manner.
The RMRK token has a lot of utility and is used for various different purposes in the wider Kusama ecosystem. First of all, it is the currency in RMRK’s metaverse. It is also used to prevent NFT scams in the ecosystem and to curate galleries. The tools in the network can be used to interact with NFTs as well as decentralized applications. It has many other uses as well – which gives it a good future outlook.
Future outlook
Towards the end of November, RMRK held a Hackathon for expanding Kusama’s ecosystem through apps, tools, and NFTs. The winners were to be rewarded with some legendary NFTs compatible with Kanaria. The Hackathon caused a lot of hype around the network and also garnered the attention of big players like Manta Network as sponsors. The project has been undergoing development and has good potential. Since it is working towards advancement in the NFT and metaverse arena, it can definitely be explored as a good option for investment. According to the estimates of Digital Coin Price, RMRK is expected to be operating at a price level of $95 by the end of the year while the five-year projection places it at $223.
