The fourth Bitcoin halving is done and dusted. Bitcoin price and the entire crypto currency market seems to have not been moved by the party. The fourth Bitcoin halving has been completed. The price of Bitcoin and the whole cryptocurrency market appear to have remained unaffected by the event. Nonetheless, Saga, a Layer 1 protocol specifically designed for gaming, has attracted the interest of investors with its goal of revolutionizing blockchain scalability and interoperability.

Launched on April 5th, 2024, through the Binance Launchpool as its 51st project, the token’s value has grown by more than 20% in the last 24 hours.  As crypto community grapples with knowing the source of the surge, let’s explore the specifics.

SAGA Price Market Performance

The market performance of SAGA token over the past period indicates significant volatility and fluctuations

The current price of the token is $4.26, showing a 20.42% rise in the last day. Nevertheless, the token has seen a smaller increase of 2.14% in the last week. Looking at the overall trend, SAGA has recorded losses of 26.70% since it was launched

Despite the recent price increase, SAGA’s market capitalization remains at $383.5 million, ranking 173rd according to CoinMarkeCap. The trading volume for the token has seen a significant surge of 93.31% over the past 24 hours, reaching $2781.4 million. This shows that there is heightened trading activity in the market, and investor interest regarding the token.

SAGA has a circulating supply of 90 million tokens out of a total supply of 1,002,331,968 tokens.

Top Reasons SAGA price is Soaring

Various factors are behind the the rising price of Saga token as discussed next.

1. Saga’s ‘Power-Level Over 9000’ Airdrop Campaign Sparks Surge

The main reason fueling the surge of SAGA token price is the recent announcement by the layer 1 protocol. Saga is launching a massive airdrop campaign involving Ethereum, Solana, and Avalanche projects. The campaign, named “Power-Level Over 9000,” will offer bundles of token and NFT airdrop rewards to users who stake their SAGA tokens.  This requirement creates immediate demand for the tokens.

Over 100 projects and games from various blockchain networks are participating in the campaign, with each airdrop grouped in “vaults” featuring multiple projects.This has generated attention and positive attention, hence, attracting new investors. Notable games like Shrapnel, The Sandbox, and Wilder World are involved, with more to come.

Saga aims to foster collaboration within the Web3 gaming community and supports developers launching their layer-1 chains called “chainlets.” SAGA’s support for innovation and partnership initiatives have enhanced market confidence in the project, thereby encouraging investors to hold SAGA TOKENS.

The promise of the campaign to bring in significant rewards for participants has  ignited investor participation, driving up demand for the tokens.

Introducing Power-Level Over 9000!

Through this campaign $SAGA stakers will be leveling up all year with token & NFT drops from over 100+ confirmed projects across web3 such as:@playSHRAPNEL@TheSandboxGame @WilderWorld @YieldGuild@EnginesOfFury@XPLA_Official@Blade_rite… pic.twitter.com/wqSv7PA1Vz

— Saga ⛋ (@Sagaxyz__) April 15, 2024

2. Binance Support

The association of SAGA with Binance, one of the largest cryptocurrency exchanges globally, could be also be driving the increase. The crypto exchange was the first platform to expand support for Saga, offering early investment opportunities. Saga is now available on Simple Earn and can be purchased using various payment options on Binance Auto-Invest.

Users can trade Saga at zero fees against BTC, USDT, BNB, TRY, and FDUSD. Additionally, Saga is now a borrowable asset on Binance Margin, with the SAGA/USDT pair available for trading. Binance also introduced the USD-M Saga Perpetual Contract with up to 50x leverage.

Binance’s support has probably helped boost liquidity and visibility for the token.

3. Bitcoin’s Fourth Halving Sparks Surge in Altcoin Demand

The fourth Bitcoin halving occurred on April 20, 2024, which could increase the value of SAGA due to different factors. To begin with, the excitement and optimistic feelings regarding Bitcoin halving occurrences may also impact other cryptocurrencies such as SAGA, since investors are looking for assets with growth possibilities because of the anticipated scarcity.

Moreover, the fluctuations in Bitcoin’s price frequently determine the direction of market trends, as evidenced by a surge in value after the halving event which boosted trust in alternative coins such as SAGA. After the halving, investors can diversify their investment portfolios by allocating money to alternative cryptocurrencies to achieve greater returns, which can increase the demand for the token .

Furthermore, the media attention and interest from the public due to Bitcoin halving events lead to heightened trading and price fluctuations in the market, impacting SAGA as well.

About Saga Protocol

The Saga project is an innovative initiative that seeks to transform the Web3 environment by implementing a scalability protocol for automatically deploying specific blockspace. This new method simplifies the process for developers and users to establish personalized blockchains named as Chainlets. the layer-1 protocol optimizes blockchain integration and boosts ecosystem efficiency through shared security, advanced validator orchestration, and an automated pipeline.

Conclusion

Overall, the increase in SAGA token value is influenced by various factors like Saga’s unique airdrop initiative promoting cooperation in the Web3 gaming world, its partnership with Binance improving liquidity and exposure, and the overall market effects of Bitcoin’s fourth halving event. Saga’s dedication to transforming blockchain scalability and interoperability has attracted attention from investors, resulting in a higher demand for the token. As the cryptocurrency arena progresses, SAGA’s success mirrors not just its own efforts but also the wider market forces influencing the industry’s path.

The post SAGA Token Price : Top 3 Reasons SAGA Price is Pumping Today appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am