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Root Network token surges 627% on KuCoin debut

EditorAmbhini Aishwarya
Published 11/22/2023, 06:15 AM
Updated 11/22/2023, 06:15 AM
© Reuters

The Root Network, an emerging player in the open metaverse space, has seen its native ROOT token experience a significant surge in value following its listing on cryptocurrency exchanges. The token began trading at 07:00 UTC today on KuCoin, and will later commence trading at 21:00 UTC on other platforms including Bybit, Bitget, and

The Root Network is designed to provide a secure experience for users within the metaverse. It utilizes a Modular Development Toolkit to ensure scalability and interconnectability across various applications. By integrating with the XRP Ledger (XRPL) and offering Ethereum Virtual Machine (EVM) compatibility, the network facilitates seamless transactions and interactions within the digital universe.

A particularly notable rally occurred on KuCoin where ROOT's value soared by 627% to $0.030288. This impressive performance highlights the market's enthusiasm for new ventures in the rapidly growing metaverse sector.

The integration of XRP as the gas token for transactions within The Root Network is a strategic move that not only enhances the utility of Ripple-backed cryptocurrency but also supports its case in the ongoing lawsuit with the Securities and Exchange Commission (SEC). Ripple Labs has consistently argued that XRP functions as a utility token, and its role in The Root Network could help further this claim by demonstrating its practical use in facilitating transactions within the metaverse platform.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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