Syscoin’s SYS token has seen tremendous momentum over the last day, with the price rising 55.4% to $0.17 before falling to its current price of $0.1529 at the time of writing. Over a 7-day period, SYS has posted even more staggering gains of 63.1%, while the 30-day increase stands at a massive 79.1%.
Several key metrics showcase the intense trading activity behind this latest pump:
- Market Cap: Up over 53% to $117 million
- 24h Trading Volume: An incredible 2,373% spike to $108 million
Created originally in 2014 by blockchain pioneer Sebastian Schepis, Syscoin aims to provide fast and low-cost transactions similar to Bitcoin. The protocol combines the security of Bitcoin with advanced smart contract functionality.
However, the exact trigger for this week’s breakout remains unclear.
Typically, such vertical price movements are driven by speculation rather than fundamentals. As news of the rally spreads across social media, it tends to take on a life of its own. More traders jump in trying to ride the momentum.
Source: CoinStats – Start using it today
Such pumps often lose steam quickly as early buyers sell to take profits. Traders should be cautious about buying at these elevated levels. Pullbacks are very possible once the mania dies down.
Read also:
- Why Did Waltonchain (WTC) Coin Price Crash by 60%?
- 160k+ Cardano Wallets Buy 5 Billion ADA Above Key Support, But This Metric Signals Risk – Top Analyst Reveals Critical Prices
- SUI & NEAR Investors Alert: Why Everyone’s Talking About Rebel Satoshi’s Explosive Presale
In any case, Syscoin is certainly a project to watch. Its founding team has an impressive background in enterprise software development. As the dust settles from the current frenzy, the use case may justify a more thorough evaluation. But in these short-term parabolic contexts, it pays to be wary.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
