Cryptocurrency payments provider Alchemy Pay has announced Alchemy Chain, its next layer 1 blockchain aimed at streamlining the integration of fiat and cryptocurrencies. The new blockchain, built on the Solana Virtual Machine (SVM) architecture, is expected to support Alchemy Pay’s payments ecosystem by providing a scalable infrastructure to handle high volumes of transactions.
This development has increased interest in Alchemy Pay’s native token ACH, which serves as a utility token to cover gas fees on the network.
Alchemy Chain’s role in fiat and crypto payments
Alchemy Chain is designed to create a frictionless experience between fiat and cryptocurrency payments, in line with Alchemy Pay’s goal of bridging traditional and digital finance.
The new blockchain uses the Trusted Proof-of-Authority (TPoA) mechanism to enhance security and transaction speed. Both ACH and fiat payments for gas fees are supported, giving users more flexibility and control over transaction costs.
“Users can conveniently cover gas fees and transactions using either $ACH or fiat by seamlessly converting profits and other on-chain revenue to fiat,” the company said. Masu.
This dual-spend structure is a unique feature that can appeal to a wider user base, especially businesses that operate in both fiat and cryptocurrencies.
Developer tools and Memecoin project support
In addition to Alchemy Chain’s core functionality, Alchemy Pay plans to launch tools to support developers and memecoin projects. These tools include “Meme Launchpad,” which allows creators to easily launch meme-based tokens, and “Meme Telegram Bot,” which provides a user-friendly interface for interacting within the Alchemy ecosystem. Masu.
The company’s support for the meme coin space is a strategic move to attract developers and capitalize on the growing demand for community-driven tokens.
The introduction of these developer tools reflects Alchemy Pay’s commitment to building a comprehensive ecosystem for diverse projects. Alchemy Chain aims to gain more engagement and innovation within the network by simplifying entry into meme projects.
After the announcement, trading activity in ACH derivatives surged. The trading volume of ACH derivatives increased by 482.83% to reach $60.61 million. This shows the growing interest in ACH futures and options. This spike in volume indicates the active participation of traders speculating on ACH price movements.
Furthermore, open interest in ACH derivatives, which reflects the total number of open contracts outstanding, increased +44.52% to $10.7 million.
Alchemy Pay price soars more than 7%
Following the Alchemy Chain announcement, the price of Alchemy Pay’s ACH token gained momentum. According to crypto analyst CryptoBull_360, $ACH recently experienced a 13% surge after retesting a key horizontal support level around $0.0085.
CryptoBull_360 noted that “this level has repeatedly served as a strong foundation for $ACH, showing significant buying interest whenever the price falls near this threshold.”
After bouncing off the support level, ACH has risen to around $0.0097, with increased trading volume indicating strong market interest. If the bullish momentum continues, key resistance levels are expected at $0.01 and $0.0115, which could pave the way for further upside. CryptoBull_360 commented, “If the current buying trend continues, the price could approach levels above $0.0120 depending on market dynamics and subsequent volume support.”
Source:X
This analysis is in line with cryptocurrency analyst Javon Marks, who noted that “$ACH has recently broken out of a falling wedge pattern, suggesting continued bullish momentum.” If this upward trend continues, some analysts predict that ACH could rise as much as 450%, with a target price near $0.11087.
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Kelvin Munene Murithi
Kelvin is a renowned author with expertise in cryptocurrencies and finance, and holds a bachelor’s degree in actuarial science. Known for his sharp analysis and insightful content, he has a strong command of the English language and excels at conducting thorough research and providing timely updates on the cryptocurrency market.
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