GAS Pumps 96% on Upbit Listing; Bitcoin Whale Making Plays?

Gas (GAS), also known colloquially as Neo Gas, saw a 96% jump in its dollar valuation in the early hours of Friday morning. The majority of the spike came in a tight fifty minute window, with $2 million entering the market within the first ten minutes alone. Upbit announced the addition of a GAS/KRW pair in the early hours of this morning, and this appears to have been the trigger for the buys.

Upbit’s trading data hasn’t begun to filter through yet, but the bulk of the action took place on Binance where at least once whale made a flash buy of 62 BTC worth of GAS in twenty-five seconds.

The GAS pump appears to have rubbed off on sister coin NEO (NEO), which underwent a 14% spike of its own this morning before cooling off as Asian markets closed for the night.

Pumping GAS

From yesterday’s daily low of $5.09, GAS went climbed a steady 10% throughout Thursday in an apparently natural manner. Then at 04:29 UTC on Friday morning the first of several pumps began.

In ten minutes between 04:29 and 04:39, GAS jumped from a price of $5.52 to $7.74, with volumes rising a clean $2 million in the process. After a momentary dip, the next twenty minutes saw the coin price jump to $8.34, with another $3 million entering the market.

The next ten minutes completed the pump and sent GAS to a $10.00 valuation. That was at 05:19 UTC this morning, and was accompanied by another $2 million influx. So that’s $7 million entering the GAS market within fifty minutes – and volumes have tripled since then up to $21 million as trading begins in earnest in the Western markets.

One sharp-eyed twitter user was alerted to a single GAS buy worth 62.55 BTC on Binance. It’s worth noting that this signal was picked up at around 06:30, two hours after the initial pump. If that buyer is going to make a profit on his purchase then we can expect the GAS price to fluctuate a lot more as the weekend continues.

Trickles Down to NEO

NEO and GAS trading activity doesn’t always move in lockstep, but today the increased GAS action seems to have rubbed off. NEO climbed 14.8% over Thursday into Friday, with 28.5% of trades coming on Chinese exchange ZB.COM in the form of the NEO/BTC pair.

NEO trade volumes rose from $102 million to $179 million in the preceding twenty-four period. Given that NEO holders generate GAS automatically, it’s not beyond the realm of possibility that some of today’s NEO buys are long-term holds. Such buys might prove to be too hasty when the GAS price (presumably) corrects.

Featured image courtesy of Shutterstock.

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.