The decentralized storage network Arweave (AR) had an excellent 75% performance last week. Behind this price increase lies the altcoin project’s recent collaboration with technology giant Meta.
Collaboration with Meta pumps altcoin price
Koindeks.com As you follow, there was a revival in the crypto market last week. This rise was mostly catalyzed by large cryptocurrencies. However, there are some lesser-known altcoin projects that have rallied sharply recently. Analyst alias Guy, host of crypto YouTube channel Coin Bureau, shared his views on an altcoin that rallied more than 50% last week. Arweave (AR) price made a vertical rise from below $10 to $17.
Last week, tech giant Meta decided to collaborate with Arweave to store the social media platform’s Non Fungible Tokens (NFT). The last price increase in AR came after this subsidiary. Guy says on the subject:
Arweave is pumped by the fact that it partners with Meta to store its NFTs. This is great news for the altcoin. It’s perfect to see not only Arweave but also Meta making its way towards decentralized storage.
The altcoin price has seen a direct 75% increase. However, it has recently lost some of its gains. Also, today was the day the crypto market went red. So it deleted a valuable part of AR’s interests. At press time, AR was trading at $12.34, down 11.99% on a daily basis.
“Arweave has 5x-10x potential in its next bull run”
As a matter of fact, the analyst says that the rally will be short-lived. For this reason, he notes that he closed his status in Arweave before joining Meta. However, it also draws attention to the following points:
I still love the project. It’s a project I’m definitely considering repurchasing before the next bull market. It has an impeccable use case and an excellent group. That’s why I’m an Arweave fan. So keep an eye on it before the next bull market. An altcoin that should definitely be kept on the radar.
According to the analyst, Arweave has great potential in the future, given that it has a stake in a giant like Meta. Therefore, the analyst says that during the next bull run, AR could do 5x-10x with other altcoins.
Arweave is a decentralized storage network. The Altcoin project aims to provide a platform for indefinite storage of data. The local token of the project is AR. The token is the native cryptocurrency that Arweave Network uses to pay ‘miners’ to store network information indefinitely.