Leading cryptocurrency research platform Lookonchain indicated real catalysts of surprising rally of GAS token. It looks like this amazing growth is catalyzed by a single exchange.
Crypto from 2017 rallies by 300% in one week, Korean traders to blame
Price GAS, a service cryptocurrency of Neo (NEO) blockchain, increased by 10x in last month. During the last seven days, it spiked from $5.2 to $21.2 and shows no signs of exhaustion. Per the analysis of Lookonchain, the GAS/KRW pair on Korea-focused exhchange Upbit sits behind this surprising rally.
The price of $GAS increases 50% again today, having increased ~650% in the past month.
What is Gas( $GAS )?
Why did $GAS pump?
1/🧵
Here is a thread. pic.twitter.com/FWsEqsWYtf— Lookonchain (@lookonchain) November 9, 2023
Sixty-one percent of the trading volume for GAS pairs came from Korean exchange Upbit. At the same time, the price on Upbit is 1.1% higher than on Binance, the largest cryptocurrency exchange in the world.
In some periods, the spread between the Upbit and Binance exchange lists is even larger: as of press time, GAS is available at $23.14 on Upbit and at $22.10 on Binance.
At the upcoming Upbit D Conference on Nov. 13, Neo’s Head of Eco Growth Jiachao Wang will attend the online session. This factor might be contributing to the pump energy.
Astar’s ASTR and IoTeX’s IOTX are witnessing the same effects, together with Neo’s main eponymous token, researchers added.
MEV-protected sidechain by Neo to kick off
Also, on Oct. 27, Neo founder Da Hongfei announced that the Neo team was creating a sidechain resistant to dangerous MEV bots and censorship. Due to the technical design of Neo, GAS consumption will increase with the sidechain launch.
Promoted as “Chinese Ethereum,” NEO was among the first mainstream smart contracts platforms. It supports smart contracts in C#, VB.Net, F#, Java and Kotlin.
NEO was very popular in the 2016-2017 cryptocurrency rally. However, it failed to attract DeFi applications. As of today, NEO is the 52nd largest token with a market cap equivalent to $933 million.
