Mithril Price Surges after Lit Social Media Partnership Announcement
Mithril is a blockchain platform that positions itself as one of the promising payment systems for China. The token price of this platform’s token (MITH), is reflective of how well the project is performing. Growing enthusiasm for MITH has led to the price growing threefold in the past month. However, on Tuesday, MITH had its best performance yet, growing 16% overnight to hit $0.90.
What Could Be Causing the Growth?
This spike was probably prompted by the recent partnership announcement made by Lit. Growing interest in MITH could also be caused by the growing frenzy from Chinese investors, who have had a major boost on other digital assets as well. In this case, the activity on OKEx is leading to a huge price boost for MITH.
Another major boost for MITH is that the most active pair for this coin is against Tether USDT, according to data available of ConMarketCap. It also happens that OKEx has one of the biggest USDT wallets, only surpassed by the Binance exchange. Since MITH trading is focused on the OKEx exchange, a price pump becomes much easier to pull off.
Although it gained about 60% in value in the last one week, MITH is still more than 40% below the peak prices that it achieved at the end of April. It is also 30% down from its Bitcoin peak of over 17,000 Satoshi it achieved in May. The recent surge in price sent MITH above 12,000 Satoshi.
The Lit Partnership
— Mithril (@MithrilToken) July 24, 2018
The current prices surge coincided with an announcement of a partnership with the Lit social media app. In the partnership agreement, Mithril and M17 Entertainment will work together to jointly operate Lit. M17 will work with Mithril and build Lit into short video social platform. This deal will lead to Lit leveraging on the content creation power of M17 Entertainment’s subsidiary 17 media and its over ten thousand talents and influencers.
Lit is a social media mining platform that was created by Mithril. Content creators are able to share and post about their daily lives. They can also mine the Mithril tokens as their reward. On the other hand, users are able to mine the Mithril tokens when they interact with the token created.
M17 Entertainment has a strong belief that social media content creation is a behavior that permeates society. With social mining as its foundation, Lit is going to be the first crypto point of contact for the masses.
MITH is Already Gaining Recognition
— Mithril (@MithrilToken) July 25, 2018
The coin was nominated as the community coin of the month on Tuesday, July 24, 2018, on the Binance exchange. It is listed amongst other promising coins such as Libra Credit (LBA), Locktrip (LOC), NKN (NKN), and Polymath (POLY). Users of Binance will be able to vote on which they consider the best. MITH is one of the few tokens, which are linked to an active social media app.
Mithril has had quite a week, rising from $0.70 to currently sitting at $0.92, making gains of nearly 32% in just the past week. The MITH token has only been trading since March 2018. Thus, it is still relatively new. The potential for integration with Lit and a type of staking based on social media use makes Mithril an attractive project with a huge potential user base.