The world of cryptocurrencies is now quite intriguing. The GAS token, which is closely related to the NEO blockchain, has already increased by almost 300% in a week, reaching a remarkable $28. The crypto community is intrigued by this unexpected growth and wants to know what is behind such a tremendous gain.
Why is the GAS token rising so quickly? Is NEO about to go on a fresh bull run? Or is the tale not quite complete?
What Is All the Talk About?
As the utility currency on the NEO blockchain, GAS is essential since it charges a fee to process transactions on the network. Five GAS tokens are created for each new block of transactions added, providing it value inside the NEO ecosystem.
GAS Token Price Surges 300% in a Week: Discover Why,GAS Token Price Surges 300% in a Week: Discover Why
In an unexpected turn of events, the price of GAS increased by 300% in just one week, from $5.2 to a whopping $28.892. The GAS/KRW combination on the Upbit exchange, a significant player in Korea, is the primary cause of this spike.
Upbit has played a major role in this unanticipated rise, accounting for a staggering 61% of the trading volume for GAS pairings. It’s interesting to note that the price of GAS on Upbit continuously remains 1.1% higher than on Binance, the biggest cryptocurrency exchange in the world.
NEO’s Astute Action
The creator of NEO, Da Hongfei, made a significant revelation on October 27th, announcing the development of a sidechain compatible with the Ethereum Virtual Machine (EVM) that is resistant to manipulation of Miner Extractable Value (MEV).
With this change, GAS should become even more valuable in the NEO ecosystem. The rumour of GAS’s possible expanded utility is probably a major factor in its unexpected rise in popularity.
NEO struggled to draw DeFi applications in spite of its prior success; at $933 million, it is now ranked 52nd in terms of market capitalization.
The weekly chart shows a bullish rise that may trigger more purchasing, with $27 acting as a potential support level.
Anticipation is building for Neo’s Head of Eco Growth, Jiachao Wang, to attend the Upbit D Conference on November 13. This incident is said to have contributed to the current upswing and increased investor and fan interest.
Concluding Remarks: Approaching $50
With GAS’s market capitalization of $280,920,773, trading volumes of $1,776,922,218 and its current price of $28.48, a combination of past price activity, new announcements, and community mood points to a possible milestone.
With its remarkable ascent, GAS is making ripples in the cryptocurrency industry, and the $50 price objective is attainable.
GAS Token Price Surges 300% in a Week: Discover Why,GAS Token Price Surges 300% in a Week: Discover Why,GAS Token Price Surges 300% in a Week: Discover Why , GAS Token Crypto news, GAS Token News