MinePlex price has been rising since April 6 and its bullish trend seems to be gaining momentum every day.
At the time of writing, PLEX was trading at $1.91; up 49.95% in the last 24 hours. It has hit a daily high of $2.0 and a daily low of $1.18.
Currently, its trading volume is $15.6 million which is slightly higher than the one it had on April 6 trading volume of $15.09 million.
In this article, we will focus on the factors causing the price of PLEX to rally.
Why is MinePlex price rising?
Before we delve into the reasons behind the price hike, let’s first explain what MinePlex is for the sake of those coming across the term for the first time.
In a nutshell, MinePlex is a mobile crypto bank that enables users to use fiat or cryptocurrencies for transfers, payments, and banking operations. It has two native tokens namely PLEX and MINE.
The PLEX token acts as a payment instrument and as an asset within the ecosystem and it has a mathematical algorithm that allows it to have a predictable price increase. The MINE token, on the other hand, is a non-volatile token with a fixed and it gives value access to the system’s services.
MinePlex has four main components in its ecosystem: an online store MinePlex.Marketplace, a payment system Mineplex.Money, a new digital banking app Mineplex.Finance, and a business development platform MinePlex.Payment.
Now, onto the reason behind the bullish trend of the PLEX price.
New digital banking app, MinePlex.Finance, launch
One of the main factors that have resulted in the current price hike is the recent launch of a new digital banking app, MinePlex which set the coin price skyrocketing.
According to a press release, the new app will bridge main fiat currencies with PLEX tokens:
“MinePlex.Finance is independent from the MinePlex platform, although it requires the use of the project’s own PLEX tokens in order to utilize it. It comes as an advanced solution that can be used as a digital account, a payment app, or a mobile wallet for PLEX tokens and the main fiat.”