A Coinbase-backed crypto asset briefly spiked by 166% on Wednesday after the project unveiled its treasury holdings and plans for the future.
RLY Network (RLY), 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.
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.
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.
There are more than 20MM USDC and more than 7B RLY in the treasury owned by the community The primary wallets can be found at: 0xe75ed5295c13d224036feb6439db7539fe6d7ce8 and 0x75f4BD3A503f23450Ed9e8dABDAFDE6288af2c9b.”
The RLY Network Association says it plans to release new additions to the RLY open-source software to support the project’s ecosystem, including launches on public blockchains.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney