The exclusive token for a Solana-based platform specializing in non-fungible tokens (NFTs) saw a remarkable 30% increase in value this week, despite the overall stagnation in the cryptocurrency market.
Metaplex (MPLX), a platform designed to streamline the creation, sale, and management of NFTs, experienced a surge in price following a rise in on-chain activity. The project proudly announced on X, a popular social media platform, that a record-breaking 834,000 unique wallets engaged in transactions with its protocol in May, marking the highest month of activity in its history.
Additionally, Metaplex revealed that last month alone, 3.1 million new wallets acquired a digital asset generated through the project. The platform has also seen a significant increase in development activity recently. According to the crypto analytics platform Santiment, Metaplex ranked third among all NFT-related protocols in terms of notable GitHub events over the past 30 days, with 23.07 events recorded. This places Metaplex just behind the layer-1 permissionless blockchain Flow (FLOW) and the Ethereum (ETH)-based virtual reality platform Decentraland (MANA).
Santiment emphasizes that routine updates are not included in their calculations, and they utilize a sophisticated methodology to gather data for GitHub events based on a thoroughly tested process. The native token of Metaplex, MPLX, is currently trading at $0.342, up from $0.264 one week ago. However, the 294th-ranked crypto asset began to decline on Friday, dropping over 5% in just 24 hours.
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