EGLD ’s volume takes off post KuCoin Listing. Will prices also surge?

Highlights 

  • EGLD, the native token of Elrond, has seen a huge volume spike on Monday in the 24-hour period, registering an increase of 27.12%.
  • At the time of writing (BST 9:55 am), EGLD was trading at US $202.31 with a 24-hour trading volume of US $23,01,23,812.
  • One of the reasons for the volume spike can be associated to the listing on KuCoin.

The native token of Elrond, EGLD has seen a huge volume spike on Monday in the 24-hour period, registering an increase of 27.12%.  EGLD, which has had good run in the past two months, has been attracting both buyers and sellers. However, from the price point of view, it is seeing a correction indicating that this could well be the end of the rally for the crypto coin.

Price, however, saw a dip by 14.69% in the last 24-hour period. In fact, Elrond after a low of US $52 seen in June, registered a rally of 437% registering an all-time high of US $302.14 on 14 September. On Monday, the investors after booking the profit, looked to retrace back and were seen selling most of the held coins.

Also Read: ELF crypto on fire, no sign of slowdown in recent rally

At the time of writing (BST 9:55 am), EGLD was trading at US $202.31 with a 24-hour trading volume of US $23,01,23,812. However, market cap wise it was down by 15.87% in the last 24 hours. EGLD has a live market cap of US $3,93,86,08,338 USD and a circulating supply of 1,94,68,284 EGLD coins.

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One of the reasons for the volume spike can be associated to the listing on KuCoin, along with a string of deals, partnerships and integrations that expand the Elrond ecosystem which happened last week. The listing has got the coin a huge amount of exposure and many are associating it with the Elrond’s expansion plans.

What is EGLD?

Elrond is a blockchain protocol which offers fast transaction using the sharding technique. Sharding is a set of database partitioning technique that offers companies the scalability option, enabling them to increase the transaction speed per second. Sharding reduces the slowness of a network as it breaks the blockchain into shards.

Developed by Beniamin and Lucian Mincu alongside Lucian Todea, the Elrond project was first announced in August 2019, and went live in July 2020. Due to its smart contract’s ecosystem, it can execute 15,000 transactions per second at a transaction cost of US $0.001. EGLD protocol is used for paying network fees and offers staking abilities and rewards for the validators.

Conclusion 

EGLD comes with a strong bullish momentum. Barring today’s blip, the coin overall has had a good two-month run showcasing the possibility of hitting US $400 by the end of 2021 itself.

Backed by developments within the EGLD ecosystem and the recent upswing, EGLD could soon shrug off a one-off bad days and soon be on the path to achieve new highs. It will be best for investors to take advantage of the hypergrowth stage of the cryptocurrency and early investors do stand a chance of benefitting from it.

Image description: EGLD has registered volume spike by 27.12%

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