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Quant rises over $200 after surging 100% in 30 days

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Quant Network’s QNT token is one of the best-performing digital assets in the crypto market, as its value has surged by over 100% to $216.54 in the last 30 days.

The native token of the interoperability-focused blockchain network has enjoyed a string of positive performances, culminating in being  Oct. 17’s top gainer, according to CryptoSlate data.

Although it is trading around 50% below its all-time high of $427.42, the asset is enjoying a renaissance that has seen it outperform Bitcoin (BTC) and Ethereum (ETH) over the same period.

What is Quant Network?

Quant is an interoperability-focused network facilitating the interaction of private and public blockchains. Its token supply is capped at 14.6 million.

Founded in 2015, the project allows decentralized applications to operate on multiple blockchains simultaneously. According to its website, the project is also designed to facilitate central bank digital currency issuance and transactions.

Why is QNT surging?

According to blockchain analytical firm Santiment, QNT’s rise had been supported by “Volume, daily active addresses, and whale accumulation.”

The firm added that whales had accumulated 15% of the coin in 5 months. Data from Intotheblock shows that around 60% of the coin holders are those who bought between 1 month – 12 months.

However, what likely got the new wave of holders interested in the token appears to be the recent developments on the network. In June, the network launched a mechanism, tagged Tokenise, that allowed the creation of QRC20 interoperable tokens compatible with ERC20 tokens

Apart from that, the network also enabled the QRC721 standard, which meant users could now create and deploy non-fungible tokens that are interoperable and also secure on its blockchain.

Data from  Lunar Crush shows that social media sentiments on the coin remain bullish. According to the firm, its social mentions and engagements grew by 43.24% and 64.57%, respectively in the last seven days.

Meanwhile, an analyst on Tradingview pointed out that Quant was in the overbought zone. The asset’s Relative Strength Index (RSI) was over 75 –usually, an RSI score above 70 means an asset is overbought, while a score below 30 indicates that it is oversold.

Quant’s relative Strength indexQuant’s relative Strength index
Source: TradingView.com
Posted In: Price Watch
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