Why is SKALE Network (SKL) crypto rising?

June 01, 2022 08:27 AM PDT | By Rupam Roy

Why is SKALE Network (SKL) crypto rising? — Image source: © Kviztln | Megapixl.com

What is SKALE Network (SKL) crypto?

The SKALE Network is an elastic network created to add scalability to Ethereum. Besides low transaction fees, the decentralized project seeks to decrease the latency.

The network claims to enable users to create and run decentralized applications (DApps) in a "decentralized modular cloud" designed to fulfill real-world requirements.

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According to SKALE, users can run Solidity smart contracts faster on the platform "at a fraction of the mainnet cost". Games and content streaming service providers already use its facilities.

The SKALE Network’s founders are Stan Kladko and Jack O'Holleran. The SKL token can be traded on exchanges like OKX, FTX, CoinTiger, etc.

Also Read: What is Synthetix (SNX) crypto? Will it continue rising?

The token gained traction after its listing announcement on Binance US on May 31. Binance US said that deposits were also enabled on Tuesday after its listing. The SKL token started trading at 8 am ET on June 1.

Also Read: Five AI stocks to consider in June: IBM, MU, AMAT, AI & ADBE

Data Source: CoinMarketCap.com

Bottom line:

The SKL token was priced at US$0.08091, up 20.43% at 9:46 am ET, while its one-day volume jumped 50.42% to US$40.27 million. It has a maximum supply of 7 billion, a total supply of 4.27 billion, and a current circulating supply of around 3.53 billion.

Its market cap is US$289.32 million, and its fully diluted market cap is US$573.58 million. Its highest and lowest prices in the last 30 days were US$0.1629 and US$0.0589, respectively.

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