GAS Fuels Leap Into Top 100 With 35% Overnight Growth
Gas (GAS), the token that fuels the NEO blockchain, recorded a 35% spike overnight on August 23rd in the lead up to a peak token price of $6.25 reached just over an hour ago.
Gas’s entry into the market cap top one-hundred rankings marks a significant step for a token that many predict will take outperform its parent coin, NEO, in years to come.
Gas Spikes 35%
Yesterday at 14:00 UTC one unit of Gas was priced at the weekly low of $4.62, before a slow 14-hour climb overnight carried the token to a value of $6.25 – a fourteen day high. The surge in the coin price was accelerated by a trade volume influx in the region of $3.3 million, or 206% more than the $1.6 million that was present when trading opened yesterday.
The return to two-week highs helps recover some of the ground lost since late July and early August. Before the sudden market-wide dip on August 7th, Gas was trading at a price of $8.14. Go back a little further to what now seems to have been a brief market peak in late July, and Gas was priced at $11.03 – so the day’s growth should be kept in appropriate context.
Only as recently as April, Gas was flirting with the $33 range, and has ultimately absorbed some of the worse losses taken by an altcoin in recent months. Before today’s growth Gas was nursing 86% losses in the previous four months. After the overnight surge that figure was reduced to 81%, but that’s still a tremendous number within a very short space of time.
Gas finds itself represented on several prominent cryptocurrency exchanges, including Binance where 28% of daily trades have emanated from in the last twenty-four hours. The most popular exchange for GAS trades today is OKEx, which hosts 57% of the token’s daily trades against USDT, BTC and ETH in respective numbers.
Who Fuels Who?
GAS tokens are currently awarded to NEO holders who keep their coins in a NEO compatible wallet. GAS is distributed according to the weighted holdings of NEO, and is also used to fuel transactions on the NEO blockchain.
But at the same time, GAS can be purchased directly on exchanges, and differs from its parent coin in many ways. So much so that many long-term holders recommend prioritizing GAS over NEO.
If such a trend were to catch on, then the NEO blockchain could possibly find its token structure rearranged, to the point where NEO coins are used solely for ICO launches (their primary current function), and GAS is the token predominantly traded on the exchanges.
Ultimately, GAS and NEO token prices are not codependent or pegged to each other’s value, although Neo has experienced a 5% boost over the last twenty-four hours.
Featured image courtesy of Shutterstock.