- BNT broke past $0.67 for the first time in two months.
- The network expanded and no fewer than 157 new addresses were created.
The native token of the decentralized exchange Bancor [BNT] has skyrocketed in the past 24 hours, coming back to life in an asset that has been in hibernation for the past two months.
Read Bancor’s [BNT] Price forecast 2023-24
According to CoinMarketCapBNT rose 40% as the weekend ended, breaking past $0.67 for the first time in two months. However, at the time of writing, the price fell to $0.59 as profit-hungry traders locked in profits.
BNT’s network activity is exploding
According to an analysis company in the chain Santimentthe steep rise came amid an explosion of activity in the chain.
The number of daily active wallets rose to 797 in the past 24 hours, the highest since December 2021. In addition, the network expanded and as many as 157 new addresses were created, the fastest expansion in a single day in the past two months.
Source: Santiment
Meanwhile, whale investors, who have been inactive in recent months, also took action. BNT transactions worth more than $100,000 increased from 0 to 10 on October 8.
This could be the catalyst
According to data from Kijkonchain, crypto exchange Upbit could have played a role in the price increase.
An address reportedly linked to South Korea’s largest crypto trading platform snapped up 4.71 million BNT tokens 11 hours before the asset’s price started to rise. The amount purchased represented 3.3% of BNT’s total circulating supply.
Typically, accumulation activity by exchanges can imply a variety of things, such as liquidity management or new trading pairs. According to CoinMarketCapBNT was already listed on Upbit and traders had the option to exchange it for Bitcoin [BTC].
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Social buzz back for BNT
The explosive rise of BNT in a quiet weekend made BNT the standout on the market. Crypto-focused social circles have been buzzing with discussion around the coin, as evidenced by the surge in social volume.
Most of the commentary around the assets was positive, as the weighted sentiment indicator moved higher into positive territory. Such propulsion was last seen two months ago during a similar price surge.
Source: Santiment
