Kokoswap price rises over 70,000% in just 24 hours
KokoSwap, an unpopular NFT in the cryptocurrency industry, made waves last November 10th for its surprising rise in price. From $0.01005, KokoSwap has risen to $7.22, making this a price rise of over 70,000% within 24 hours. However, it declined to $7.10 on November 13th. Regardless, this rise in the price of KokoSwap has garnered attention from NFT traders and people who are interested in play-to-earn games.
What is KokoSwap?
KokoSwap is a unique platform that includes exciting and upcoming features of NFT trades and gaming powered by a $KOKO token. This provides a user-friendly experience to both traders and gamers. This decentralized platform also has important features such as NFT staking and gaming which allow token holders to play, win, earn, invest, and trade. As of now, KokoSwap has a market cap of more than US$2 billion and is expected to rise again in the sooner future.
Why did KokoSwap rise in price?
In the past year, NFTs and blockchain gaming got a lot of popularity which resulted in the rise of the price of these cryptocurrencies. With that said, there has been an existing expectation for KokoSwap to rise. However, what came as a surprise is the extremely high surge it went through. In addition, people are astonished at how its price is maintained at $6 to over $7 per token in the past few days since its November 10 price surged.
Many speculate that the reason behind KokoSwap’s sudden and impressive rise is the result of its activities in the past year. KokoSwap has been sponsoring several NFT events. In addition, it has been used by a handful of celebrities to launch their NFT collections. Through these events, KokoSwap was offered to the fans of these celebrities via an invite-only marketplace.
Furthermore, its robust staking feature had aided users to generate an income passively. Moreover, it also announced its migration to the Binance Smart Chain, a very well-known cryptocurrency platform.
Why is KokoSwap Migrating to Binance Smart Chain?
As for now, KokoSwap is utilizing Ethereum as its blockchain. Although Ethereum is a well-known blockchain platform and is considered one of the best, it has a few drawbacks. For one thing, its popularity brought about congestion issues that made the blockchain experience quite unsatisfactory. Furthermore, its high gas fees had made not only KokoSwap but also other cryptocurrency projects seek alternatives. In KokoSwap’s case, it plans to migrate to the Binance Smart Chain.
Binance is a familiar service platform to many cryptocurrency traders. Its blockchain platform, which is called Binance Smart Chain, is a dual chain framework. This framework enables users to create decentralized applications and other digital assets in a single blockchain while trading and exchange are done on the other chain.
It features fast trading, cross-chain transfer, EVM compatibility, and more. Because of this migration, users will have a better experience with KokoSwap. As a result, this NFT will likely gain more value after its transfer to the Binance Smart Chain.
* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.