What is Golem crypto and why did its volume soar over 8000%?

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What is Golem crypto and why did its volume soar over 8000%?

Golem crypto
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Highlights:
  • The price of Golem crypto was up 68 per cent since the past day and trading at US$ 0.475 per token.
  • The native token of Golem Network is GLM, and it is used to make payments for purchasing computations.
  • The market cap of Golem crypto is $470.7 million, and it achieved an all-time high of US$ 1.25 apiece on January 8, 2018.

As Russia initiated military action against Ukraine, the cryptocurrency market crashed on Thursday, February 24. However, it appears that the overall crypto market has bounced back as its market cap jumped 11.18 per cent in the last 24 hours.

At 9 AM EST on February 25, the global market cap had increased to US$ 1.76 trillion, and the major cryptocurrencies were trading in the green. Bitcoin was up 11 per cent, and ETH was trading 13.3 per cent higher since the past day.

As the market traded in the green, one crypto caught our attention in particular as its 24-hour volume skyrocketed over 8,500 per cent at the time of drafting.

Also Read: What is Catcoin crypto & why its price is skyrocketing?

We are talking about Golem (GLM) crypto, which ranks 121 as per CoinMarketCap data. The price of Golem crypto was up 68 per cent since the past day and trading at US$ 0.475 per token.

So, what is Golem?

As per the official website, Golem Network fosters a group of creators looking to develop software solutions by accessing computing resources on the protocol.

Golem Network was launched in 2016, and its mainnet was launched two years later. It creates a peer-to-peer network, and users can buy or sell computation equally.

Golem crypto                                                                                                 ©2022 Kalkine Media® 

The native token of Golem Network is GLM, and it is used to make payments for purchasing computations on the network. Notably, the price surge in Golem crypto had no particular reason, and it could be due to the recovery of the overall crypto market.

The market cap of Golem crypto is $470.7 million, and it achieved an all-time high of US$ 1.25 apiece on January 8, 2018. Meanwhile, its all-time was US$ 0.008797 per token on December 12, 2016.

Bottom line

According to CoinMarketCap, the sale of GLM tokens started on November 11, 2016, and within minutes it had reached the maximum cap with 1 billion tokens created and distributed.

Since the past year, the Golem crypto has returned 20.8 per cent as of February 25. GLM token is available for trading on many cryptocurrency exchanges, including Binance and Huobi Global.

As the crypto market is highly volatile, investing in virtual currencies has pros and cons. Therefore, it is advisable to think and research well before investing.

Also Read: Why is Bitgert (BRISE) crypto grabbing attention?

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