Why Sylo (SYLO) token’s volume soared 565% today?

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Highlights:

  • Sylo (SYLO) is a decentralized communication infrastructure and data exchange network.
  • Its current market capitalization is US$15.49 million.
  • The token is available for trading on KuCoin, Gate.io, Bitrue, Hoo, and Coinbase Exchange.

Sylo (SYLO) token gained traction on Thursday as its price increased by 30.36 per cent to US$ 0.006372 at 6 AM ET. The token has no individual development but surged as crypto exchange Coinbase announced supporting a few cryptocurrencies, including SYLO. 

The inbound transfer is currently available, and the trading will start as sufficient supply is available for the asset. The crypto exchange will begin trading in the asset at 12 pm ET after supply conditions are met. 

Currently, the exchange has listed SYLO under Experimental asset, meaning either the asset is new to its platform or has low trading volume compared to the broader crypto market.  

However, the label does not make any difference for users in sending, receiving, trading, or holding the asset on Coinbase. The only extra caution with these assets is the price swings with the low trading volume, which can affect liquidity.

The exchange monitors its listed assets and removes the label when any crypto assets don’t meet the criteria. 

Due to the exchange update on the token, its trading volume soared 564.63 per cent to US$ 5.02 million over the last 24 hours. 

Let us understand more about the Sylo token.

What is Sylo crypto?

Sylo is a decentralized data exchange network and communication infrastructure powered by the SYLO token. The network claims to be unique in terms of securing communication infrastructure. 

On Sylo, independent users run Sylo’s Node software on their computers and servers and create an infrastructure where developers and businesses can run their apps without deploying any infrastructure.   

The network features a ticketing solution and staking architecture to ensure minimal transaction fees and limitless application scalability.

The users running Sylo Nodes and offering communication services to the network can earn SYLO tokens in reward for their services. 

With Sylo, a wallet address can communicate with smart contract participants, NFT owners, and any other wallet address etc., as the Sylo network is completely decentralized and claims that it is end-to-end encrypted.  

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Bottom line

SYLO is an Ethereum token used to power the Sylo network. Its current market capitalization stands at US$15.49 million, with a circulating supply of 2.43 billion SYLO.

The token is available for trading on other exchanges, including KuCoin, Gate.io, Bitrue, and Hoo, besides Coinbase Exchange.

The cryptocurrency market retreated on Thursday. It was down by 2.65% to the market capitalization of US$1.03 trillion. Many crypto projects fell today in line with the broader market movement. 

As an investor, one must keep the volatile nature of the crypto market in mind and invest only after due analysis.  

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