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Is It Too Late to Buy NEO? Price Climbs 40% as Attention Shifts to New Blockchain Project
The native token for the commercial NEO blockchain has risen 40% in the last week, about 16% in the last 24 hours, as it posts some of the highest gains of any top 100 cryptocurrency.
NEO currently trades for around $19.89, but its rally appears to be cooling.
At one point the token posted intraday gains of as much as 40% earlier this morning, UTC.
NEO is tailored towards the digitization of assets, identites and asset management processes through the use of smart contracts.
NEO isn’t the only fast riser today. Toncoin’s TON is also surging. The native token for Telegram’s blockchain spinoff rallied a sharp 17% overnight and about 36% over the week to change hands at $6.84 as of this writing. Both NEO and TON are two strong proprietary blockchain projects that haven’t entered the mainstream.
🤝 @ton_society x @Humancode_AI
“TON Society, a community of developers and contributors building out the #TON ecosystem, will distribute 1M $TON to users participating in the voluntary proof-of-personhood program. The project aims to enable digital identity verification for…
— TON 💎 (@ton_blockchain) April 8, 2024
Meanwhile, Ethereum (ETH) led the gains posted by the two market leaders. It rose 0.8% overnight and around 8.6% in the last week to trade at $3,633 on the morning of Tuesday, April 9, 2024, UTC.
Bitcoin (BTC) on the other hand actually fell 2% in the last 24 hours, although at $70,466, it’s still about 6.6% pricier than it was this time last week.
The line on NEO’s trading chart these last three months tells a nerve-wracking story of wide, volatile, rallies, sudden heavy crashes and a general upwards trajectory.
Like the rest of crypto, NEO began a marked rally in early March, however it appeared to lost steam a fortnight in.
Source: TradingViewLast night’s 40% surge was easily the sharpest price movement on the chart, although it brought the token’s Relative Strength Index (RSI) up to 90. Given that 70 is the watermark for an “overbought” asset, the fleeting figure serves to highlight the intensity of the buying.
Native Tokens Too Much Work? Laze With Slothana!
Native tokens for alternative blockchain projects like Toncoin and NEO are booming today. As crypto adoption increases, investors are likely to put more money into them.
There are a lot of strong psychological reasons for this, but they all basically boil down to wanting to support a strong, reputable, underdog over more established blockchains and their tokens, like Solana, Ethereum and Cardano.
However, investors can find more upside potential if they venture off the beaten track.
The meme coin sector often posts some of the most eye-watering early ROI in the industry. One particular category of meme coins are getting a new look-in.
Solana may arguably be the third biggest blockchain at the minute, so a gold rush is likely imminent. This means that keen-eyed meme coin traders are looking at the hottest new projects to support from the start.
Slothana, the new red-eyed sloth who lives on Slothana, has raised over $10 million barely two weeks into an ongoing ICO for his new SLOTH token.
It seems investors are scrambling to try and recapture some of the early upside potentials of established Solana funny tokens like Slerfs, DogWifHat and Bonk.
Slothana’s persona is simple: he’s a lazy critter who lives and works on the blockchain.
🚀 Get ready to blast off with Slothana! 🌿 We’re gearing up for launch and this is your last chance to grab your $SLOTH 🌕 Don’t miss out on the action as we prepare to announce our official launch date. Watch this space. #slothana #memecoin
— Slothana (@SlothanaCoin) April 8, 2024
But with his permanently hazed red eyes, he can’t hide the fact that he really doesn’t want to work; he’s eyeing the clock because he wants to go from 420 to $420 million.
Word on the grapevine is Slothana is by the same team that launched Smog (SMOG), which rallied strongly after ending its presale and listing.
Details are scarce at present, but interested investors can join the presale by sending SOL to this address: EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Read More: Is It Too Late to Buy NEO? Price Climbs 40% as Attention Shifts to New Blockchain Project
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