The cryptocurrency market has been heading south in the past few weeks, with Bitcoin (BTC), Ethereum (ETH), and many other leading assets being among the losers.
However, some lesser-known tokens have been on a winning streak. River (RIVER), for instance, has posted a staggering increase of more than 2,000% over the past 30 days.
A Star is Born
RIVER saw the light of day in September last year, but it made the headlines in the past weeks thanks to its whopping price ascent. Currently, it trades at around $83 (per CoinGecko’s data), meaning a gain of 2,020% on a four-week scale.
Its market capitalization has soared past $1.6 billion, making RIVER the 64th-largest cryptocurrency and flipping well-known altcoins like Ondo (ONDO), Aster (ASTER), Pi Network (PI), Worldcoin (WLD), and others.
One potential reason for the rally could be the solid support from numerous exchanges. HTX (formerly Huobi) listed RIVER in its Innovation Zone, while South Korea’s Coinone also launched trading services for the asset.
Another factor that may have positively impacted the token’s price is the $12 million strategic round, which River recently closed. The financing supports the entity’s expansion across EVM and non-EVM ecosystems, including TRON, Sui, and other major networks.
“Proceeds will be used to accelerate ecosystem deployments, deepen stablecoin liquidity, and advance satUSD integrations across trading, lending, staking, and yield use cases,” the disclosure reads.
River also announced that it will introduce yield products for both users and institutions, including Smart Vault and Prime Vault. Some participants in the funding round include Arthur Hayes’ Maelstrom Fund and Justin Sun’s TRON DAO.
Further Gains or…?
Some analysts think RIVER has much more fuel left to chart additional increases. X user Shuarix predicted a pump to $100, whereas Crypto_Jobs thinks the price can reach that milestone only if it holds the $68-$70 support zone.
At the same time, many others believe a painful crash could be knocking on the door. X user Erik said 94% of RIVER’s total supply is held by just five wallets, arguing:
“After massive manipulation and bubble phase, we’ll see a glorious dump.”
Honey was also skeptical, claiming that the project resembles previous rug pull schemes and warning investors to be utterly cautious.
