It has been a relatively muted day in the cryptocurrency world. However, some coins are seeing outsized moves. One such coin that is worth taking a look at today is Neo. This coin has soared 11.3% higher to move up to 59th place in the market capitalization rankings.
Among the main drivers of coin’s increase today was the news that came out of Neo’s first-ever release of monthly tech reports. This report has highlighted progress that has been made on a few things Neo has been trying to complete for a while now. These included a wide range of bug fixes, as well as some new support and resources for developers utilizing Neo to put smart contracts into the decentralized apps.
Additionally, released “gas burn” data coming directly from the Neo team reveals significant new spikes, specifically one being at 3 a.m. ET. Neo coins are the governance coins linked to the voting rights for the network, while Gas coins are the “fuel” that let transactions take place within the network. System fees are then burned, with network fees being redistributed to the census nodes. Having higher gas burn rates indicate that transaction volumes have spiked over a given length of time.
Neo is a blockchain that is China-based, usually regarded as the first of its kind from China, released in 2014. It is not surprising to have big spikes in what are considered after-hours trading if you live in North America, given this difference in time. However, the new gas burn data that was provided by Neo does indicates that activity might be picking up on its network. With the geopolitical concerns that have been coming out of China, this is certainly a bullish factor that many investors seem to like today.
Also, the technical update that was provided by the Neo team has offered some significant details on what is going on behind the curtain. Those with more sophisticated knowledge of what the inner workings of this network are seem to really like what they are seeing. Like any investment you make, the more transparency you have, the better it is. This seems to be the case for Neo today.
Neo is most certainly one of the more interesting blockchain networks and you may want to take a look at it soon. For anyone that is bullish on the continuing global growth in the cryptocurrency space, this may be a coin to put on your watch list. Indeed, Neo’s increase of over 11% during a time when the overall cryptocurrency market was up just under 1% signals that investors think there is some real near-term potential upside with this coin.
Like all crypto, investors should do their due diligence before they dive into any coin. Neo is a project I intend to study more following today’s news.