Why is NuCypher (NU) crypto skyrocketing with 20,000% volume gains?

Follow us on Google News:
 Why is NuCypher (NU) crypto skyrocketing with 20,000% volume gains?
Image source: © Valikos | Megapixl.com

Highlights

  • The NU crypto is the NuCypher network's native utility token.
  • At 2 AM EST, the NuCypher crypto was up by 113.3% in the last 24 hours.
  • The NuCypher network uses proxy re-encryption (PRE) technology and enables users to send confidential data.

Amid a highly volatile crypto market, the massive surge in the price and volume of NuCypher (NU) crypto has caught investors' attention worldwide. At 2 AM EST, the NU crypto was up by 113.3% in the last 24 hours and trading at US$ 0.3656 per token.

Also Read: Canada's Newton crypto exchange hacked? Find out more here

Meanwhile, the one-day volume of NuCypher crypto skyrocketed over 20,000% to US$ 688.6 million, and the market cap surged to US$ 257.03 million.

After showing signs of recovery in the last two days, the global crypto market dipped again on Wednesday. The prices of Bitcoin and Ethereum were down by 0.1% and 2.4% at the time of writing.

What is NuCypher?

NuCypher is a public blockchain encryption service that provides decentralised storage solutions on public blockchains.

The NuCypher network uses proxy re-encryption (PRE) technology and enables users to send confidential data among several participants. According to NuCypher, this decryption method makes it safer and more protected than its competitors.

The NU crypto is the NuCypher network's native utility token, and it can be used to reward network members for completing critical management activities.

The NuCypher network claims it is secured against malicious staking, and any suspicious user's pay-outs get automatically reduced. The NU crypto is also utilised on the network for NuCypher Decentralized Autonomous Organization (DAO) participation.

The NuCypher DAO is the network's mechanism for controlling network settings and smart contract updates. Users with NU stakes can also help validate DAO proposals.

The total and maximum supply of the NuCypher crypto is around 1.4 billion and 3.9 billion, respectively. Meanwhile, the circulating supply of the NU crypto is 703 million tokens, as per CoinMarketCap.

Bottom line

On Tuesday, the Threshold Network tweeted it has been confirmed that on Wednesday, May 18th, a snapshot vote was held on the DAO proposal to extend the deadline to June 1st and increase the incentive to three per cent. The NuCypher network reshared this information, and it is probably gaining traction due to this reason.

The NuCypher Network and the KEEP Network recently united to become the Threshold Network. The Threshold Network oversees user sovereignty on the public blockchain. It offers a decentralised network of nodes as a service that performs threshold cryptography procedures, giving you complete control over digital assets.

Also Read: What is AgeOfGods (AOG) crypto and why its volume soared 1200%?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK