What set off Request (REQ) token’s 3500% volume spike?

Image Source: © Alexanderushkevich | Megapixl.com

Highlights:

  • Request Network is an Ethereum-based decentralized payment system. 
  • REQ is its utility token launched in 2017. 
  • The REQ token advanced 60.02% to US$0.1367 at 4:45 am ET on Thursday. 

Request (REQ) token rose more than 60% on Thursday amid a tumbling crypto market. The price jump follows a 3597% surge in trading volume to US$162.77 million in the last 24 hours. No specific reason could be ascribed to its gains on Thursday.

However, the token has been in focus following several announcements this month. 

REQ raised US$5.5 million in seed funding led by gaming company Animoca Brands, and venture capitalists Balderton Capital and XAnge.

Web3 investors such as Sebastien Borget of The Sandbox, Stani Kulechov of Aave, and Julien Bouteloup, founder of StakeDAO, also participated. The company said it wants to use the fund to simplify its processes for billings and payments in cryptos.

Ignoring the crypto market crash, REQ even announced hiring for various roles, including CFO and business and software development. 

Request Finance also plans to include Euro Coin on its platform for invoice payments.   

Euro Coin is a stablecoin launched by Circle, a blockchain-based financial service and payment company. The coin was expected to go live on the Ethereum mainnet Thursday, which will enable users to start minting and redeeming it.

The REQ token advanced 60.02% to US$0.1367 at 4:45 am ET on Thursday. In contrast, the global crypto market fell 4.18% to US$864.86 billion. Bitcoin (BTC) also sank below US$20,000. It was trading at 3.71% lower to US$19,327.82. 

Let’s understand more about the Request crypto.

What is Request (REQ)?

Request is an Ethereum-based decentralized payment system enabling people to pay or receive money without intermediaries.

Users can create a payment request mentioning the amount, address, and whom to make the payment. They can define the terms of payments and convert them into an invoice, which is shared with a counterparty for payments.

All the steps are documented and stored on the Request Network for accounting purposes. Request also complies with trade rules in different countries.  

Data Source: coinmarketcap.com

REQ token:

REQ is its utility token launched in 2017. Its current market capitalization is US$136.7 million with a circulating supply of 999.8 million. Its total supply is 999.9 million. 

The top 100 token holders of the total 40,778 hold 82% of the assets. It can be traded on Binance, Coinbase, Crypto.com, Bancor, OKX, and KuCoin crypto exchanges

Bottom line:

The REQ token fell 88.41% from its all-time high of US$1.18 in January 2018. Its [rice rallied after launching its payment plug-in for the e-commerce company, Shopify. But after that, the token kept falling, hitting an all-time low of US$0.004651 in March 2020. 

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