Da Hongfei, the founder of Neo Blockchain, recently shared updates on his discussions with the Neo developers via the social media platform Discord. According to a screenshot shared by the Neo founder on X, he asserted that NEO Global Development (NGD) and NEO Foundation (NF) are not involved in “buying and selling” Neo’s utility tokens NEO and GAS.
Let me quote myself from last night’s Discord discussion with Neo developers $NEO $GAS pic.twitter.com/5thaXdwz4Q
— HD (@dahongfei) November 10, 2023
While quoting his own words during the late-night conversation with the developers, he reiterated that he would not interfere or comment on others’ choice of investment. However, he assured that with the advantage of holding “inside information”, the company hasn’t taken part in buying or selling its native token, apart from “regular operational expenses” since its inception.
The discussion emerged amidst the sudden surge of the NEO/GAS token in Korean markets. The GAS token, often dubbed ‘Chinese Ethereum,’ exhibited an ascending rally, with a more than 300% increase in one week and 1000% in one month. According to a last-month report shared by the analytics platform Santiment, the token skyrocketed to a 50% gain in a day.
The price of $GAS increases 50% again today, having increased ~650% in the past month.
What is Gas( $GAS )?
Why did $GAS pump?
1/🧵
Here is a thread. pic.twitter.com/FWsEqsWYtf— Lookonchain (@lookonchain) November 9, 2023
Despite last month’s remarkable surge, GAS currently exhibits a bearish trend with a grave loss of 51.02% in one day. At press time, the token is traded at a price of $13.98, with a 24-hour trading volume of $2,063,066,873. GAS currently secures the 187th rank among the top cryptocurrencies with a market cap of $142,184,435.
Many speculate that the unexpected hike of the GAS token is influenced by Hongfei’s announcement on the launch of the Ethereum Virtual Machine (EVM), the compatible sidechain designed to resist Miner Extractable Value (MEV) manipulation.
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