Why is Kyber Network Crystal v2 (KNC) crypto up over 17%?

Highlights:

• Kyber Network is a hub of liquidity protocols that collects liquidity from several sources.
• The token is available for trading on exchanges like Coinbase Pro, Huobi Global, etc.
• The KNC token returned gains of over 26% in the last seven days.

The Kyber Network Crystal v2 (KNC) crypto appeared to be gaining traction in the market on May 18, evidenced by the jump in its price. Its price was up over 17% on Wednesday morning, while its volume for the last 24 hours skyrocketed by more than 308%.

Meanwhile, the KNC crypto drew investors’ attention on Wednesday, with its price increasing despite a slump in the crypto market. The market declined 1.72% to US$1.29 trillion at 6:52 am ET.

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What is Kyber Network Crystal v2 (KNC) crypto?

Kyber Network is a hub of liquidity protocols that collects liquidity from several sources. It claims to offer secure and instant transactions on any decentralized application (DApp).

It gives users access to decentralized finance (DeFi) DApps, decentralized exchanges, and liquidity pools that provide the best rates.

Meanwhile, all the transactions on the Kyber Network are on-chain, which allows their verification on any Ethereum block explorer. In addition, one can create projects on Kyber Network to access all the protocol services like instant settlement of tokens, liquidity aggregation, etc.

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The network allows developers to build products and solutions without worrying about liquidity for different needs. Thus, it provides a solution to the liquidity issues in the DeFi space.

KNC is the utility token of the protocol. It gives the token holders access to the Kyber ecosystem. The KNC holders can stake their tokens in KyberDAO to aid in the platform’s governance and vote on important proposals while earning staking rewards in ETH that come from the trading fees.

The token can be traded on crypto exchanges like Coinbase Pro, Huobi Global, Binance, etc.

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The Kyber Network’s recent activities may have helped gains in the token. The network recently hosted several AMA sessions on social media and rewarded the most interactive participants. It also announced to host an AMA session with Solace (SolaceFi) at 9 pm GMT on May 19.

On May 17, it said that users could discover the trending tokens on its platform by using its "Trending Soon" feature. It provides users with a list of tokens before "they pop".

These developments might have helped gains in the project. However, investors should exercise due diligence, given the volatility and uncertainties in the market.

Also Read: What is IOTA (MIOTA) crypto and why is it rising?

Data source: CoinMarketCap.com

Bottom line:

The KNC token was priced at US$2.25 at 6:53 am ET on May 18, up 17.73%, while its volume for the trailing 24 hours skyrocketed 308.33% to US$500.71 million. It has a market cap of US$400.59 million, and its fully-diluted market cap is more than US$400.66 million.

The total and current circulating supply of the token is over 177.80 million. It returned gains of 26.98% in the last seven days while increasing 72.67% YTD.

KNC saw the highest price of US$5.72 and the lowest price of US$1.13 in the last 30 days.

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