Walrus Protocol’s native token, $WAL, is experiencing a significant uptick, boasting an increase of over 11% in the past 24 hours. This surge in bullish momentum is part of the excitement surrounding the protocol’s recent launch. As a decentralized data storage solution built on the Sui blockchain, Walrus Protocol made its debut on March 27 and has swiftly climbed into the top 80 digital currencies by market cap. The token’s listing on major exchanges like Bybit, KuCoin, Bitget, and Binance has further fueled its growth, although some platforms have restricted trading to futures.

After an initial post-launch dip, where $WAL’s value plummeted by more than 70%, dropping to $0.3557, it has made a remarkable recovery. In just two weeks, $WAL’s price soared to $0.6125, pushing its market cap close to $806 million. Despite being 30% below its initial peak of $0.8742, $WAL is regaining its footing, gaining traction particularly in AI/ML, gaming, and the NFT sectors.

**Exploring the Impact of Programmable Storage**

Walrus Protocol stands out for its ability to store large binary objects, such as images, videos, PDFs, and whole applications, with a total storage capacity reported at 333.33 TB. Over 3.25 million “blobs” are currently stored on the platform, demonstrating its significant utility and capacity. Its programmable nature, powered by Sui smart contracts, sets it apart by providing secure, private, and decentralized data storage solutions.

The protocol’s ambition doesn’t stop there. Having raised $140 million in a challenging market, Walrus Protocol is backed by heavyweight investors, positioning itself as a formidable competitor in the decentralized storage space and challenging established projects like Filecoin.

**Walrus Protocol Leads in the Decentralized Physical Infrastructure Sector**

Currently ranked as the fourth-largest project in the Decentralized Physical Infrastructure (DePIN) sector, Walrus Protocol is rapidly gaining ground. With the DePIN market cap at $18 billion and projections estimating it could reach $3.5 trillion by 2028, Walrus is poised to capture a significant market share. Its recent partnerships, including with Nami Cloud and the Pudgy Penguins NFT brand, are testament to its growing influence and utility.

On-chain activity for $WAL has spiked, with the token recording the highest trading volume among DePIN tokens in the last 24 hours. This surge in interest is mirrored by a 22% increase in open interest, indicating a strong bullish sentiment among traders.

**Technical Prospects: $WAL Targets $0.80 Breakout**

The technical analysis for $WAL indicates a potential breakout toward the $0.80-$1.00 zone after it escaped a descending channel pattern. Trading just above the 9-period simple moving average, $WAL exhibits moderate bullish strength with the RSI at 58.67. This technical outlook suggests that if the price sustains above $0.695 with significant volume, $WAL could continue its upward trajectory.

Follow us for the latest updates on $WAL and the expanding potential of decentralized storage solutions. #WalrusProtocol #SuiBlockchain #DecentralizedStorage #CryptoMarketUpdates