Cryptocurrency

Neo Network: With this upgrade, will NEO defy broader market sentiment

The 12 months 2022 has been marked with a collection of upgrades and onerous forks for a lot of blockchains. The newest chain on the town to implement a community improve and a tough fork is the Neo Blockchain.

The Neo Network is an open-source, community-driven blockchain platform that permits builders to digitize and automate the administration of belongings via good contracts. In addition, it additionally gives sturdy native infrastructures akin to decentralized storage, oracles, and area identify service.

According to a TestNet and MainNet Upgrade Notice revealed by the Network on 2 June, an improve often called the Neo-CLI v3.3.0 T5 was scheduled for implementation on the Neo Chain at an N3 block top of 1,730,000. At the time of writing, the total blocks on the Network stood at 1,702,402.

Data from CoinMarketCap revealed the Network’s native coin, NEO, has struggled because it recorded an all-time excessive of $196.85 4 years in the past. Now pegged at $9.03 per piece, it’s unclear whether or not a community improve is sufficient to get traders’ consideration.

Let’s check out the efficiency to this point this 12 months.

Neo-thing to put in writing dwelling about

Trading at $9.02, the NEO coin has seen a 64% drop this 12 months. At the start of the 12 months, the value was pegged at $25.7. Exchanging arms at $9.02, throughout press time- the coin has declined by 95% from its all-time excessive of $196.85.

Now, ranked quantity 62 on CoinMarketCap’s checklist of crypto belongings, NEO registered a market capitalization of $636.36 million on the time of writing. Starting the 12 months at a market capitalization of $1.83 billion, this has additionally declined by 64% in about six months.

At the time of writing, the Relative Strength Index (RSI) stood at 35 in a downward curve. With the overall market outlook and noticed lack of curiosity within the NEO coin, the care of the coin is likely to be left within the arms of the coin for a bit longer. 

Source: TradingView

On-chain evaluation

This 12 months’s efficiency on the social entrance has been common. The social dominance of the coin registered a excessive of 0.40% on 9 May. However, it went on to drop by 82% by the point of writing.

At press time, NEO’s social dominance was noticed at 0.067%. The social quantity additionally noticed a excessive of 378 on 9 May, the best it has clinched this 12 months. Interestingly, at press time, the social quantity was 60, registering an 84% decline for the reason that excessive in May. 

1655557467 374 Neo Network With this upgrade will NEO defy broader market

Source: Santiment

On a developmental entrance, the developmental exercise on the community has been on a gradual uptrend for the reason that starting of the 12 months. It was noticed at 36 on the time of writing. 

1655557467 336 Neo Network With this upgrade will NEO defy broader market

Source: Santiment

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