The cryptocurrency world is as exciting as ever before. Now, the GAS token, closely tied to the NEO blockchain, has recently shot up over 300% in just a week, hitting an impressive $28. This sudden rise has caught the attention of the crypto community, sparking curiosity about the factors driving this remarkable surge.

What’s behind the GAS token’s meteoric rise? Is this the start of a new bull run for NEO? Or is there more to the story?

All this and more ahead.

What’s the Buzz About?

GAS, acting as the utility token on the NEO blockchain, is crucial, serving as a fee for handling transactions on the network. Every time a new block of transactions is added, 5 GAS tokens are minted, giving it value within the NEO ecosystem.

In a surprising twist, GAS’s price surged from $5.2 to an impressive $28.892 in just one week, marking a massive 300% increase. The main reason for this surge is linked to the GAS/KRW pair on the Upbit exchange, a major player in Korea.

NEO’s Smart Move

On October 27th, NEO’s founder, Da Hongfei, made a big announcement, revealing the creation of an Ethereum Virtual Machine (EVM)- compatible sidechain designed to resist Miner Extractable Value (MEV) manipulation.

This move aims to make GAS even more useful within the NEO ecosystem. The news of GAS’s potential increased utility is likely a key reason for its sudden popularity.

Upcoming Events

Despite NEO’s past popularity, it faced challenges attracting DeFi applications and currently holds the 52nd position in market cap at $933 million.

Looking at the weekly chart, there’s a bullish spike that could lead to more buying, with a possible support level at $27.

The upcoming Upbit D Conference on November 13, where Neo’s Head of Eco Growth, Jiachao Wang, will attend, is creating anticipation. This event is considered a contributing factor to the ongoing surge, adding excitement for investors and enthusiasts.

Closing Thoughts: Heading Towards $50

With GAS currently trading at $28.48, a market cap of $280,920,773, and notable trading volumes of $1,776,922,218, the mix of historical price action, recent announcements, and community sentiment suggests a potential milestone. The targeted price of $50 seems achievable as GAS continues to make waves in the crypto world with its impressive climb.