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NEO (NEO) GAS, which added 75% to its price in less than an hour. The most likely reason for the upswing is early warning of potential GAS on Upbit.
The rise in GAS follows the spectacular surge earlier in the day of the NGO, the reward asset of Ontology (ONT), with the two events possibly being related. Both NGOs and GAS allow owners of the main asset to lock in gains with selling hand corner.
NEO, which has been traded on Upbit, added 12.71% overnight to reach $ 20.17.
GAS was up nearly 98% at one point. It traded at $ 8.42 as of 7:00 UTC, up about 64% overnight. The asset peaked at $ 10 during the last pump, but traders locked in profits dragged down the price.
Both NEO and GAS have taken a beating in the bear market, and the current market is large in comparison to the massive gains during the bull market. The short-term price surge shows there is still readiness to trade, but this time, gains are locked in much earlier, limiting the climb.
For some traders, however, the early activity of GAS may be a precursor to a jump in the past. Others believe the price of GAS has been depressed for a long time and is slated for some form of recovery.
Another reason for the price increase is that it is more concentrated in the market, where it can be compared to other markets. The effect of the start of upside trading is also unpredictable and may lead to continuing selling.
