Mina Protocol (MINA) Coin Surges +80%, Number of New Accounts Increases 13x

 Key takeaways

• Mina Protocol (MINA) has gained +80% in a single day, coinciding with a new listing on Bitrue exchange for the MINA token
• MINA has risen +148% in total since the beginning of October, with its on-chain statistics showing a massive spike in user activity in recent hours
• Following a +1322% increase to trading volume for MINA in a matter of hours, the CoinCodex algorithm has forecasted a continuation of its bullish momentum

MINA listed on Bitrue, surges +80% in a matter of hours to retest resistance on the yearly range

Mina Protocol (MINA) was revealed as a new listing on Bitrue exchange in the morning of the 24th October, following a monumental move of more than +80% for the crypto asset in the 5 hours prior. Previously, the ultra-lightweight layer-1 blockchain had found itself -93% down from its 2022 high, but the recent surge may signal that a trend reversal is underway.

? New listing $MINA is coming to #Bitrue spot trading. @MinaProtocol

? Deposit opened
? MINA/USDT pair
? Trading starts at 10:00 UTC, 24 October

? New users can claim a welcome bonus of 1000 $USDT

Details: https://t.co/K1HiQKJZPM pic.twitter.com/zgVpddqL7g

— Bitrue (@BitrueOfficial) October 24, 2023

In the past two weeks alone, MINA rose +148% from range-low to today’s high. Measuring from its 2023 high to the recent range-low, a downtrend that lasted 238 days in total, MINA has reclaimed the 50% Fibonacci retracement level in just 12 days.

The +148% surge from MINA has taken it back to the middle of its 2023 range in recent days. Data sourced from TradingView.

The strength of MINA may partially be driven by Bitrue establishing fresh liquidity pools on its exchange in preparation for the announcement of the token listing on 24th October. Another contributing factor may have been that Bitcoin (BTC) surged +15% on the 23rd October following renewed optimism over Blackrock’s crypto ETF filing with the SEC.

No matter the catalyst, there has been a +1322% increase to trading volume for MINA in the past 6 hours (as of the time of writing). MINA’s +80% move today means that it is the top-performing asset in the crypto top 100, and its on-chain statistics show a sharp increase in user numbers.

Mina Protocol: A look at the on-chain statistics that drove rapid price appreciation

Several key statistics stand out from today’s user activity when taking a look at the Mina Block Explorer. Comparing the 23rd and the 24th October, the total amount of MINA tokens transferred rose by 10x while the number of transactions fell -2.12%.

This indicates that the sharp rise in volume was driven by a few large transactions, which may be confluent with Bitrue’s recent exchange listing of the native MINA token in the early hours of 24th October.

However, another key statistic stands out. The number of new accounts created on Mina on 23rd October was just 123 in total, while the same statistic for the 24th October currently stands at 1,769 — an increase of 14x in a day.

It’s unclear what drove the sharp rise of new accounts created on 24th October and why this hasn’t coincided with a similar increase to the total number of transactions, however the recent price action of the MINA token has certainly benefited from the increased trading volume.

New accounts by day on the Mina blockchain, showing sharp rise on 24th October. Source: Mina Block Explorer

MINA to reclaim $1 in the next 6 months?

The CoinCodex price prediction algorithm forecasts that the positive price action for MINA will continue over the coming months. MINA is expected to rise a further 9% in the next 30 days before targeting higher resistance levels on its path towards the $1 price level.

Within 6 months, MINA is expected to hit the $1 target comfortably. Possible highs of $1.12 could be reached before MINA retraces, which would be a total move of +51% from the current price of $0.74.

6-Month price prediction for MINA

Bottom line: MINA surges as news breaks of Bitrue exchange listing, on-chain data shows major spike in transaction volume

MINA is today’s best-performing asset in the crypto top 100 following major bullish developments for the token. The Bitrue exchange listing may have helped MINA to gain exposure from investors at a key time for the wider crypto markets, as BTC has also surged in the past 24 hours.

Fresh optimism surrounding crypto ETFs may have injected more bullish momentum into a crypto market that is currently up +59% YTD. With investors feeling positive, Bitrue’s listing of MINA may have come at an opportune time — the 14x increase to new user accounts and 10x increase to total MINA transferred certainly indicate that this could be the case.

On balance, MINA looks set to continue its positive price action with the CoinCodex algorithm predicting a further +50% move over the coming months. For now, MINA finds itself at the $0.74 price level after beginning the month at just $0.35.

It is worth noting that Mina Protocol was one of our top picks for cryptocurrencies that could explode in 2023 – check out the article to see which other cryptos could surprise with large gains as we approach the year’s end. In addition, Mina Protocol is also featured in our article of the best cryptos to buy right now.