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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/here-is-why-gas-token-price-spikes-by-300-in-one-week/">Here is Why GAS Token Price Spikes by 300% in One Week</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>The GAS token, linked to the NEO blockchain, has skyrocketed by more than 300% in just one week, reaching an impressive $28. The sudden spike has prompted curiosity within the crypto community, many wondering what is driving this sudden pump. Some connections are being drawn to recent news out of Hong Kong.</p>
<h2 class="wp-block-heading" id="h-korean-traders-behind-gas-300-spike"><strong>Korean Traders Behind GAS 300% Spike</strong></h2>
<p>GAS is the utility token on the NEO blockchain platform, serving as a fee for processing transactions on the NEO network. Every time a new set of transactions, known as a block, is added to the blockchain, 5 GAS tokens are minted as a reward</p>
<p>Recently, the price of GAS surged from $5.2 to $28.892, marking a 300% rise in just one week, and it shows no signs of slowing down. The primary reason behind this sudden surge is <a href="https://twitter.com/lookonchain/status/1722514928849113223" rel="noopener noreferrer nofollow">believed</a> to be the GAS/KRW pair on the Upbit exchange, a significant platform in Korea</p>
<p>Notably, 61% of the trading volume for GAS pairs originated from Upbit, making it a significant player in this surprising rally. Additionally, GAS’s price on Upbit is 1.1% higher than on Binance, the world’s largest cryptocurrency exchange.</p>
<h2 class="wp-block-heading" id="strong-neo-s-mev-protected-sidechain-announcement-adds-fuel-strong"><strong>Neo’s MEV-Protected Sidechain Announcement Adds Fuel</strong></h2>
<p>On October 27th, Neo founder Da Hongfei made a significant <a href="https://neonewstoday.com/development/neo-unveils-details-of-evm-compatible-sidechain/" rel="noopener noreferrer nofollow">announcement </a>seven years after the Neo MainNet launch, revealing the creation of an Ethereum Virtual Machine (EVM)-compatible sidechain designed to resist Miner Extractable Value (MEV) manipulation.&nbsp;</p>
<p>Apparently, with the launch of this sidechain, the utility of GAS within the Neo ecosystem is set to increase. However, this news got people thinking that GAS might become even more useful in the Neo world, and that’s likely one reason for its sudden popularity.</p>
<p>Despite <a href="https://coinpedia.org/price-analysis/top-reasons-why-neo-price-is-surging/" rel="noopener noreferrer nofollow">NEO’s previous</a> popularity during the 2016-2017 cryptocurrency rally, it struggled to attract DeFi applications and currently holds the 52nd position in market cap, equivalent to $933 million.</p>
<h2 class="wp-block-heading" id="strong-gas-s-next-target-50-strong"><strong>GAS’s Next Target $50</strong></h2>
<p>Analyzing the weekly chart reveals a bullish spike that could trigger increased buying pressure, with a potential support level at $27.</p>
<p>Moreover, anticipation is building for the <a href="https://udc.upbit.com/m/en" rel="noopener noreferrer nofollow">Upbit D Conference</a> on Nov. 13, where Neo’s Head of Eco Growth, Jiachao Wang, is scheduled to attend. This upcoming event is considered a contributing factor to the ongoing surge.</p>
<p>While GAS is currently trading at <a href="https://coinmarketcap.com/currencies/gas/" rel="noopener noreferrer nofollow">$28.48</a>, boasting a market cap of $280,920,773 and notable trading volumes of $1,776,922,218, the historical price action, recent announcements, and community sentiment suggest that the targeted price of $50 could be within reach soon.</p>

Here is Why GAS Token Price Spikes by 300% in One Week

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