Project Merlin token falls 60% after unimpressive market debut
Users were unimpressed with Project Merlin, whose token MRLN plunged almost 60% on its first day of trading.
The developers present Project Merlin as a pioneer in blockchain, combining crowdfunding, freelancing, management, and launchpad services into one ecosystem.
The project’s main goal is to support developers and promising startups at every stage of growth. To achieve this, the platform uses Raven Messages for structured applications, offering up to $25,000 in MRLN-equivalent support for selected projects. Strategic funding of $100,000 per month is distributed through the Camelot and Excalibur grant systems.
By participating in decision-making and platform governance, users can earn reward points in the form of NFTs, which can also be exchanged for MRLN tokens.
Is crowdfunding out of fashion?
According to its documentation, Project Merlin boasts advanced technical features, including ZK-Rollups, decentralized oracles, and DAO governance. The network operates as a Bitcoin Layer 2 solution while being compatible with Ethereum Virtual Machine (EVM) and Solana Virtual Machine (SVM). It also integrates with Polygon, Arbitrum, Optimism, BNB Smart Chain, Base Network, and Avalanche.
Price dynamics of MRLN for 24 hours. Source: CoinMarketCap
However, MRLN’s launch on September 16 was far from successful. Starting below $0.074, the token dropped to $0.021 at the time of writing. One reason cited is low liquidity, as only 62 million out of 800 million tokens (7.75%) were released to the market.
Additionally, CoinMarketCap data shows MRLN is currently traded on MEXC, Gate.io, and a few smaller platforms, while trading on Binance Alpha was reportedly postponed to a later date for unknown reasons.
As we wrote, MEXC launches Airdrop+ to celebrate WLFI listing
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