XTZ rallies 64% after American music star launches NFT collection backed by Tezos blockchain

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Key Takeaways:

• Tezos Network has a streak of good luck with a series of positive developments.
• As a result XTZ token rallied despite the corrections across the market.

YEREVAN (CoinChapter.com) – Tezos (XTZ) Network gained 64 percent during the past five days, while most crypto sectors consolidated. The rally cooled off in the past hours, but Tezos progressed on a confluence of positive developments that the Network presented in a Twitter thread on Sep. 11.

Good news for Tezos

According to the announcement, Tezos hit the milestone of 600,000 daily transactions for the first time. It is a rapid progression, considering the 400,000 transactions celebration only two days prior.

Moreover, the Network greatly benefitted from NFT sales. For example, American rapper and songwriter Doja Cat launched an NFT collection on OneOf, a platform atop the Tezos blockchain.

Considering the sheer number of her followers (over 15 million on social media), the Grammy-nominated artist promoted Tezos by choosing it over other layer-one solutions like Ethereum or Solana. She then commented on her choice of Network, citing environmental concerns.

“I don’t know that much about NFTs,” she said. “But what I do know is that they can be bad for the environment and cost a fortune. Mine won’t.”

said the misician.

Doja Cat’s NFT collection includes 26,000 collectibles, with prices ranging from $5 to $100. The “limited edition” NFTs were designed as different-colored revolving metallic busts of the artist. Some NFTs even include tickets to an upcoming Doja Cat concert.

Also read: Tezos (XTZ) price doubled on blockchain upgrade and institutional adoption FOMO in a month.

After completing the good news, Tezos launched Homebase, a project that allows users to create and manage their DAOs (Decentralized Autonomous Organizations) on the blockchain.

As a result of the positive developments, XTZ price did not tank for long and adopted an uptrend on Sep 9.

Also read: Bitcoin dips on death cross alert and dollar rally; is it a buying opportunity?

XTZ daily chart

In hindsight, on Sep. 7, Bitcoin led the altcoin market into a downward spiral and put red candles on mots of the charts. Tezos, however, didn’t drop for long. After the brief setback on Tuesday, the digital asset not only recovered but initiated a new leg up, logging a whopping 64 percent gain amid the ubiquitous correction.

The rally halted on Sep 13, and the price action moved sideways. Should XTZ see a downward correction ahead, it could still retest the $6.53 line as support and move north. On the other hand, if Tezos continues the uptrend, it could meet and surpass the three-year top of $8.41.

Also read: Cardano (ADA) drops 6% after smart contract deployment; what’s next?

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