Klaytn (KLAY) Scores 30% Gains In The Last Week
Klaytn, the open-source metaverse-focused crypto, has boasted
impressive gains in the last week. Just seven days back, the crypto
was trading at $0.21. It also stumbled quite a bit during the week
before picking momentum on Wednesday. Since then, the token has
only fluctuated upward, recording an impressive gain of 30.80%.
Klaytn recent pump has several catalysts, with the recent overall
crypto market uptick being a major factor. The Klaytn team also
made several bullish moves during the week, like its block reward
cut proposal and token buybacks. Related Reading: On-Chain Data
Suggests Bitcoin Bottom Comparable To Previous Cycles However, the
token’s price doesn’t look pretty in its 24-hour charts.
Nevertheless, a 30% gain in the week is still substantial growth.
Klaytn Suffers On The Day with Over 5% Loss Klaytn joined the rest
of the market in a bullish run this week, keeping over 30%.
However, it hasn’t faired well today as it suffers a 5.13% loss.
The token is well below its 24-hour all-time high of $0.281,
trading at $0.262 at press time. Klaytn’s 24-hour trading volume
has also reduced drastically. Only about $125,517,796 worth of KLAY
has changed hands in the last day, representing a 31.91% decline.
While KLAY still enjoys an impressive weekly gain, it’s most likely
that the token has entered an overbought zone. What this simply
means is that the price will continue to rise but may not be able
to sustain its current level. Therefore, today’s drop could be a
sign of a bearish reversal. Klaytn is currently ranked the 58th
largest cryptocurrency by market cap. Its circulating supply is
3.09 billion tokens. The token’s market cap is $810,351,883, a 5.7%
drop from its value yesterday. Nevertheless, the token is ending
the month of October with decent gains and might have some more
upside left in it. Buyback And Block Reward Cut Causes KLAY To
Surge The Klaytn price surge began six days back when the project
passed a proposal to cut its block rewards by 1/3rd. The proposed
change will reduce block rewards from 9.6 KLAY to 6.4 KLAY.
Additionally, newly generated tokens would be allocated in a new
arrangement. 50% of it goes to the GC, 40% to the Klaytn Growth
Fund, and 10% to the Klaytn Improvement Reserve. Developers at
Klaytn stated that the proposal’s goal was to “address the
volatility currently experienced in the macro markets.” According
to the team: “As a result of the negative situation in the global
economy and the crypto market and the increased circulation of KLAY
in the Klaytn ecosystem, KLAY price is experiencing a dramatic
decrease. We need to respond to the situation by adjusting the
amount of minted KLAY.” Related Reading: Ethereum Price Could
Resume Uptrend If It Clears This Barrier The Klaytn Foundation’s
token buyback also helped KLAY perform well. On Oct. 21, a blog
post reported an abnormal fluctuation in the token’s on-chain
liquidity, prompting a repurchase to stabilize the ecosystem. The
team revealed that Klaytn’s foundation stablecoin reserves would
cover the buyback. However, Klaytn Foundation didn’t disclose the
number of tokens it will buy or its spending. Featured image from
Pixabay and chart from TradingView.com
Gráfica de Acción Histórica
De Ago 2023 a Sep 2023
Gráfica de Acción Histórica
De Sep 2022 a Sep 2023