Cooinbase-Backed Crypto Surges 160% In 24 Hours

Coinbase-backed crypto has spiked in price by 166% these days following the fact that the project revealed its treasury holdings and the plans for the future as well.

RLY Network (RLY) which is an ecosystem of on-chain consumer apps, shot up from trading around $0.015 on Wednesday all the way to a high of around $0.04 later that day.

“The 276th-ranked crypto asset by market cap has since partially retraced and is trading around $0.0224 at time of writing, though that still represents a 50% increase from its initial Wednesday price,” according to the latest reports coming from the Daily Hodl.

The project weathered controversy earlier this year when it announced in late January that its Ethereum (ETH) sidechain, RallyIO, was shutting down.

On Wednesday, however, RLY Network sought to clarify the project’s overall project’s future in a tweet thread.

“The RLY Network Association was created & voted by the community to assist in governance for the overall ecosystem. The focus of RLY Network Association continues to be the proliferation of the RLY community and ecosystem, including the existing protocol, token, & new initiatives.”

The same notes revealed the following:

“RallyIO was one application of many being built on the RLY protocol, and their shutdown doesn’t affect or change the viability of the overall ecosystem. Financially, the community treasury has significant funds to continue to innovate and support the ecosystem.”

A study commissioned by crypto exchange Coinbase in the United States reveals that more than a fifth of Americans own crypto.

The study was conducted in February, and it says that 50 million Americans, or 20% of the US population, own crypto, about the same figure as early 2022.

Younger Americans and people of color have a higher rate of crypto ownership, according to the survey. Check out our previous reports for more details.