Why Is GAS Price Up? Here Are Reasons Behind the 50% Pump

2023-11-9 11:31

According to a post by Lookonchain, the native token of the NEO blockchain, GAS, has pumped over 50% in the last 24 hours. This latest surge comes amid a massive 650% price increase over the past month. Several factors are driving renewed interest in the GAS ecosystem token.

GAS is the fuel that powers transactions and operations on the NEO network. 5 GAS tokens are generated with every new block, with a current circulating supply of around 10 million. But the total possible supply stands at 100 million GAS.

Data shows the majority of recent GAS trading volume is coming from Upbit, a popular Korean exchange. Prices on Upbit are also trading at a premium compared to other major exchanges like Binance. This localized demand appears to be catalyzing the broader price rally.

Upbit is also hosting a major NEO-focused conference on November 13. The event will include NEO’s Head of Eco Growth, likely drumming up further South Korean interest.

Additionally, NEO founder Da Hongfei recently revealed plans for a NEO sidechain aimed at eliminating toxic miner extractable value (MEV). As usage of this sidechain scales up, more GAS will be consumed to power transactions and operations.

With NEO ecosystem development heating up and exchange volumes skewed towards Asia, conditions are ripe for extended GAS price appreciation. As both a utility asset and speculative trade, GAS is attracting significant new inflows.

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This perfect storm of growing developer activity, exchange dynamics, and scarcity due to its hard cap make GAS an intriguing cryptocurrency to watch in coming months. The token has reclaimed its all-time high and appears poised for further exponential growth as NEO expands.

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The post Why Is GAS Price Up? Here Are Reasons Behind the 50% Pump appeared first on CaptainAltcoin.

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