GEOD Price Spikes 39%, But Will Bulls Reclaim $0.24 Zone?
The price of GEOD, the governance token for the Global Earth Observation Decentralized Network, has seen a significant surge in recent days. In just 24 hours, its returns peaked at 39%, but it has since retraced by around 15%. The team behind GEODNET has released nearly half of its total supply of 962.94 million tokens.
The sudden increase in price can be attributed to various factors, including the token's listing on Upbit last week and high trading activity on CEXs and DEXs. According to CoinMarketCap, the daily trading volume surged by more than 2,263%, surpassing $17 million. Additionally, there has been an uptick in the burn rate of the circulating supply, with 240K GEOD worth over $44K being permanently burned in the last 24 hours alone.
The number of monthly transactions has also risen significantly, jumping from 17,995 to 52,996 in just a single day. Most of these transactions were happening on the Solana chain, while a fraction was on Polygon. However, not everything seems to be going well as some traders are unstaking, leaving $659K worth of tokens staked.