Magic Square cracks top gainers with new development announcements

Magic Square, a community-driven app store for web3 applications, takes a spot on CoinGecko’s top gainers, with a 10.6% price increase in the last 24 hours.

In a Jan. 18 announcement made on its official X platform, Magic Square (SQR) shares it will be rolling out platform advancements in the coming weeks, including enhanced utility for SQR at the Magic Store, the launch of a Premium Membership Program, and the introduction of Review 2.0, allowing users to ‘upvote’ reviews and earn karma points.

Additionally, the project shared that they will provide more avenues for users to accumulate additional tokens in the project’s daily pool.

Magic Square to USD Price Chart | Source: CoinGeckoAs a discovery & engagement platform in the web3 crypto eco, SQR has been marketed with reward opportunities and use-to-earn experiences. The native utility token, SQR, resides on the BNB Smart Chain, fueling the Magic Square eco and facilitating user, developer, and validator integration.

CoinGecko’s trending board highlights that SQR has demonstrated a noteworthy increase of nearly 76% in the past seven days, surpassing the global cryptocurrency market’s decline of 5.3%.

Moreover, it outperforms similar BNB Chain Eco cryptocurrencies, which show no change in their value over the same period. At the time of writing, the token sits almost 21% lower than the token’s all-time high price.

As one of several altcoins that have seen a rally in the past week, it is worth noting the success of the project coincides with a report made by a popular YouTube analyst who unveiled a video on Jan. 15 discussing a signal used by many crypto experts that have recently activated for the altcoin market, sparking speculation about the initiation of the 2024 bull run.