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Gas, an unknown altcoin and the utility token of Neo (NEO), has surged by over 711% in the past two weeks. This massive price jump was fueled by the listing of several new perpetual futures contracts on exchanges and favorable market conditions.
The Mega Rally in Gas Price
Gas, the utility token of Neo’s smart contract platform, experienced a significant surge from $2.85 to $29.31 on November 10th. However, it has since retraced some of its gains and is currently trading at $13.40, down 52.63% in the last 24 hours. Despite this pullback, the altcoin still maintains a 15% gain in the past seven days, ranking 138th by market cap.
In late October, BitMEX, a Seychelles-based cryptocurrency exchange, listed a new perpetual futures contract for Gas, offering margin trading and leverage of up to 10x with the largest stablecoin USDT.
On November 8th, Demex, a decentralized cryptocurrency exchange (DEX), also listed a new Gas perpetual futures contract with leverage of up to 10x. The listing of these futures contracts by BitMEX and Demex is seen as the main catalyst for the price increase in Gas.
Neo Blockchain, NEO, and GAS
The Neo network is considered a unique blockchain and hosts two utility tokens. GAS is used for the operation and storage of tokens and smart contracts on the Neo network, while NEO is used for network governance.
Data shows that NEO has followed a similar upward trend with GAS but hasn’t experienced the same level of gains. Currently ranked 56th by market cap, Gas is trading at $13.03 and has recorded a 58% increase in the past two weeks.
