Why Spheroid Universe (SPH) price jumped 58% over the past week

The price of the Spheroid Universe (SPH) coin has risen by 58.6% over the past week as extends the current Bull Run that started at the beginning of February.

The coin has been trying hard to correct the recent dip that took place at the beginning of the year following a general crypto market crash. The attempts have however not been very smooth since, despite the huge gains, the coin has had to contend with fairly conspicuous pullbacks like today’s 9% drop.

At the time of writing, SPH was trading at $0.05136.

Let’s delve into what has made SPH price register such a huge rise over the past week.

What Is Spheroid Universe (SPH)?

Before we look into why the price is rising, it is important to first understand what Spheroid Universe (SPH) is.

It is a platform for developing and launching Augmented Reality (AR) or Extended Reality (XR) projects and it was launched in March 2021.

It uses a native token referred to as SPH, which users use to interact on the platform.

The crypto has features like Spheroid Script programming language and Spheroid XR Cloud that enables developers and users to create XR/AR applications easily. It also has Spheroid Scripts that help users to extend these applications.

SPH provides Demiurge IDE (cloud-based development environment) that allows creating NFTs and also animating them.

Additionally, Spheroid Universe features a unique NFT marketplace that allows users to browse through various 3D plots of land. The users are allowed to place adverts on the plots of land that they buy. The adverts act as a source of passive income.

Currently, over 300,000 plots have been sold, this shows the high demand and the community support.

Why has the price of SPH shot up by 58% in one week?

One of the major factors being attributed to the current rally is the recent announcement by Mark Zuckerberg that AI is the key to unlocking the metaverse; something that has caused a stir within the metaverse space where Spheroid Universe is a key player.

Spheroid Universe has stood out in making everything easy through its XR hub applications that use AI to modify existing structures thus allowing anyone to upload video footage to the Spheroid cloud.

#Spheroid.Earth reconstruction

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Digitize an architectural structure using the XR Hub application.https://t.co/gv1vhErf3V#SpheroidUniverse #MetaVerse #XR #AR pic.twitter.com/tYWLtrS6yj

— Spheroid Universe (@Spheroid_io) March 1, 2022