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The price of this cryptocurrency skyrockets and enters the market’s top 60

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Key facts:
  • The price of Klaytn (KLAY) went from $0.12 to $0.31 in nine days.

  • The increase followed a proposal for its network and its entry into the FTX, OKX and Phemex exchanges.

Klaytn (KLAY), Klaytn Network’s token, rose in price by more than 60 percent in nine days, from $0.12 to $0.31. In doing so, it touched a nearly five-month high and then retreated slightly to $0.27, according to TradingView’s scout.

The rise came on the back of momentum generated by several announcements. Among them, one involved a network upgrade. Klaytn network proposed A change in its governance to reduce block premiums and the issuance of KLAY, which seems to have generated enthusiasm in its market.

Added to this are cryptocurrency exchanges. Phemex, FTX y OKX reported that it has listed KLAY.. In other words, it has been integrated into these platforms so that their users can trade on this platform. cryptoasset. These initiatives may also have driven its demand and, consequently, its price increase.

Price of KLAY.
The price of KLAY has risen more than 60 percent in nine days, reaching an almost five-month high. Source: TradingView.

As several traders explained to CryptoNews, when some exchanges list new cryptocurrencies, their prices can . rise rapidly and then fall. This is due to the movement of those who invest for short-term profits. Therefore, it is important for your investors to consider their eventual risks.

At the time of writing, KLAY is the 58th cryptoasset with the largest market capitalization. totaling $855 million, as reported by CoinMarketCap. The initiative comes just after that of Maker (MKR) and Axie Infinity (AXS), which recently seen a decline.

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