Why Has the Price of Gas Increased? These Are the Causes of the 60% Pump?
In the past day, the NEO blockchain's native coin, GAS, has increased in value by more than 60%. This most recent spike occurs in the midst of a staggering 650% price increase in the last month.
The GAS ecosystem token is seeing a surge in attention due to a number of causes.
The NEO network's operations and transactions are powered by GAS. Every new block creates five GAS tokens, of which there are now about 10 million in circulation. Yet, there are 100 million GAS available for supply in total.
Data indicates that Upbit, a well-known Korean exchange, has been the source of the majority of the recent GAS trade volume. In addition, Upbit's prices are higher than those of other significant exchanges like Binance. The larger price surge seems to be being accelerated by this concentrated demand.
On November 13, Upbit is also organizing a significant NEO-focused conference. NEO's Head of Eco Growth will be present at the event, which should pique interest from South Korea even more.
Furthermore, Da Hongfei, the founder of NEO, has disclosed plans for a NEO sidechain with the goal of removing toxic miner extractable value (MEV). More GAS will be needed to fuel transactions and operations as sidechain usage increases.
