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GAS and NEO tokens are making waves in the fast-paced world of cryptocurrencies as their prices experience a notable surge.
Over the past week, GAS, the utility token on the NEO blockchain, has skyrocketed by an impressive 300%, reaching $21.2 from $5.2. Simultaneously, NEO, often dubbed the “Chinese Ethereum,” has seen a 46.86% increase, currently trading at $13.76.
GAS token and its role in NEO
GAS serves as the fuel token on the NEO blockchain, playing a vital role in facilitating transactions and powering the network.
NEO users utilize GAS to pay transaction fees, making it an essential component for those engaging in activities on the NEO platform. Notably, 5 GAS tokens are generated with each new block on the blockchain, further fueling the ecosystem.
Currently, the developments around NEO’s EVM-compatible sidechain and the upcoming Upbit D Conference are proving to be pivotal factors influencing the recent bullish trend in GAS and NEO prices.
NEO’s plans to develop an EVM-compatible sidechain
The surge in NEO and GAS prices can be linked to NEO’s recent announcement of plans to develop an Ethereum Virtual Machine (EVM)-compatible sidechain.
The strategic move by NEO aims to enhance interoperability between NEO and Ethereum, introducing higher scalability and faster transaction speeds.
Following the announcement, both tokens are experiencing increased demand, with investors showing confidence in the platform’s future developments.
Upcoming Upbit D Conference
Besides NEO’s plans for an EVM-compatible sidechain, there are other factors behind the current GAS and NEO price surges. Among them is the upcoming Upbit D Conference on November 13.
During this event, Neo’s Head of Eco Growth, Jiachao Wang, will participate in the online session hosted by the Korean crypto exchange Upbit. Investors anticipate the insights and updates that may emerge from this conference to further fuel the current momentum.
An analysis by Lookonchain revealed that sixty-one percent of the trading volume for GAS pairs originated from the Korean exchange Upbit.
4/ We found that 61% of the trading volume came from the #Korean exchange #Upbit.
— Lookonchain (@lookonchain) November 9, 2023
At the same time, the price on #Upbit is also 1.1% higher than #Binance.
The increase in $GAS prices is related to #Upbit. pic.twitter.com/01FcZJiNkI
This dominance in trading activity on Upbit, compared to other major exchanges like Binance, highlights the influence of the Korean market in the recent surge and thus the reason for the hype around the upcoming Upbit D Conference.
Investors are closely watching these developments, positioning themselves for potential opportunities in the evolving crypto landscape.
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