Alchemy Pay Token Surges After Alchemy Chain Announcement

The Alchemy Pay token experienced a significant surge on Oct. 28 following the announcement of the upcoming Alchemy Chain. The token’s price reached $0.020, marking its highest level since Oct. 25 and showing a 20% increase from last week’s low.

Introduction of Alchemy Chain

According to a recent blog post by the developers, the Alchemy Chain will be built on the Solana Virtual Machine architecture. This new infrastructure aims to enhance the payment platform’s capabilities by offering faster transaction processing, reduced costs, and a highly secure environment. The security of Alchemy Chain will be ensured by the Trusted Proof-of-Authority mechanism, maintaining the integrity and speed of validating nodes.

Key Features of Alchemy Chain

The new blockchain will introduce several innovative features:

  • High Scalability: Utilizes Solana Virtual Machine (SVM) for improved performance.
  • Trusted PoA Security: Ensures node validation integrity and speed.
  • Gas Fees: Supports both ACH and fiat for transaction fees.
  • Meme Launchpad: Designed to help developers create and launch meme coins.
  • Meme Telegram Bot: Assists creators in navigating the ecosystem.

By introducing a meme launchpad, Alchemy Pay aims to tap into one of the most popular segments of the cryptocurrency industry. For instance, Pump.fun, the first meme coin generator on Solana, has made it significantly easier for users to launch their coins. Currently, Pump.fun tokens are valued at over $2.1 billion.

Comparison with Other Industry Players

Alchemy Pay is not the only company launching an independent blockchain. In 2023, Coinbase introduced Base, a layer-2 network that has become a major player in the industry. More recently, Uniswap, the largest decentralized exchange, announced plans for UniChain, a layer-2 network aimed at enhancing its services. Similarly, dYdX launched its own chain in the same year.

Market Reaction and Future Outlook

The announcement of the Alchemy Chain led to a significant bullish movement in the Alchemy Pay token, forming what is known as a “God candle” on the daily chart. The token has surpassed the critical resistance level at $0.01795 and has moved above both the 50-day moving average and the 38.2% Fibonacci Retracement level.

However, the token may experience a pullback as the initial momentum from the announcement subsides. If this occurs, the token could retest the key support at $0.01900. Conversely, surpassing the resistance at $0.02 could indicate further potential gains.

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