How Mirror’s Rising Token Price Played Out On-Chain

Last weekend was a tough one for crypto traders, as prices for major tokens were sent plummeting in recent days. But it was a brighter — and busier — weekend for those on Mirror protocol.

While most were doom-scrolling and watching their holdings go down in value, Mirror investors saw prices rise recently. The climb started late on Wednesday, June 16, when $MIR was trading at just under $4. By midday Friday, it had climbed more than 30% to more than $5.  

$MIR token price

But what was behind the skyrocketing price — and how did it impact on-chain activity?

Mirror V2, Gemini listing boost price

As Cointelegraph reported late last week, there seem to be two factors to thank for $MIR’s major price increase: the launch of Mirror V2 on the testnet and support from Gemini.

First, the Mirror Protocol Twitter account announced that V2 of the protocol had gone live on the testnet. According to the announcement, Mirror V2 will include several new features, including improved incentives for governance participation, new collateral options, shorting incentives, and pre-IPO assets.

Just one day later, Gemini, a major cryptocurrency trading app and platform, announced it would add support for several new protocols. This included Mirror, as well as three other tokens (in this case, Alchemix, Ankr Network, and Fantom).

Add the two up, and the result seems to be some bullish traders.

Price increase leads to a busy weekend

Those price increases also seemed to lead to an increase in activity on the platform, as we can see via on-chain data from the Mirror protocol.

As can be seen below, the total number of transactions on the network rose to nearly 4,000 total transactions on June 18, the first time it had topped even 2,000 total transactions in more than a month. 

Mirror protocol transactions

As the price and number of transactions soared, so did transaction volume, with the high-water mark of nearly $143 million also coming on June 18. It was another new high for the protocol, as it marked the first time transaction volume had topped $100 million. 

Mirror protocol transaction volume

Perhaps unsurprisingly, total fees also climbed on Friday. According to Flipside’s new Mirror Community Console, more than $51,000 in fees were collected on June 18. Unlike total transactions and transaction volume, however, this metric did not hit a new high, with the all-time top remaining at just under $150,000, reached on May 23.

Mirror protocol total fees

Learn more about Mirror Protocol

Want to learn more about Mirror Protocol and the entire Terra ecosystem? Check out Flipside Crypto’s Mirror Community Console, home to our on-chain data on the key Mirror metrics.
You can also join our community on Discord, follow us on Twitter and subscribe to the Bounty Brief to get the latest news, data, analysis, and insights!

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