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Highlights
- The SKL crypto is the native utility token of SKALE Network.
- The SKL crypto holders are incentivized and rewarded by helping to improve security and scalability.
- At the time of drafting, the SKL crypto's one-day volume had skyrocketed over 200 per cent.
The price of SKALE Network (SKL) cryptocurrency jumped 12 per cent on Wednesday, March 30, and it was trading at US$ 0.2119 per token at the time of drafting.
The overall cryptocurrency market was down in comparison to the previous day. However, the global crypto market cap stayed over the US$ 2 trillion mark despite declining 0.5 per cent.
According to CoinMarketCap data, the total crypto market volume was down by 2.5 per cent in the last 24 hours to US$ 118.75 billion.
Amid the declining market, the SKL crypto caught the attention of potential investors as it was rising even though almost all the major cryptocurrencies were trading in the red.
What is SKALE Network (SKL) crypto?
It is a network that brings scalability to the Ethereum blockchain and boosts transaction capacity. SKALE Network is decentralized, and it was established to reduce latency and make payments as cheaply as possible.
According to the official website, SKALE aims to enable users to build decentralized applications for real-world needs and configured as per the requirements.
Stan Kladko and Jack O'Holleran founded SKALE Network, and it allows people to run solidity smart contracts, which are faster and cost a fraction of the mainnet cost.
Also Read: Why is DGB crypto skyrocketing? All you must know about DigiByte
The SKL crypto is the native utility token of SKALE Network, and its holders are incentivized and rewarded by helping to improve security and scalability.
As the Ethereum blockchain is slow in verifying and authorizing transactions, the SKALE Network tries to improve the speed, and it can run up to 2,000 transactions per second per chain. Additionally, SKALE aims to strengthen the decentralization and security of Ethereum-based applications.
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Bottom line
At the time of drafting, the SKL crypto's one-day volume had skyrocketed over 200 per cent to $197.6 million, and its market capitalization was $729.6 million.
The total and maximum supply of the SKL crypto is 4.3 billion and 7 billion tokens, respectively. Meanwhile, the circulating supply is 3.25 billion SKL tokens.
On March 12, 2021, the SKL crypto had achieved an all-time high of US$ 1.22 per token, and its all-time low was US$ 0.05898 apiece on December 23, 2020.
The sudden interest in the SKL crypto could be due to the announcement that Roll NFT is live on SKALE Network on March 29.
The cryptocurrency exchanges available for trading the SKL crypto include Binance, Uniswap, and Huobi.
Also Read: What is Celo crypto and why is its price skyrocketing?
The cryptocurrency market is extremely volatile, and the prospect of earning high returns comes along with a high risk. Therefore, some crypto analysts often advise investors to research and evaluate their risk capacity before venturing into the virtual currency market.
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