GEOD Price Surges 39% in 24 Hours Amid High Trading Activity and Increased Burn Rate

The price of GEOD surged by 39% in just 24 hours, but has since retraced by around 15%. The sharp increase is likely due to several factors. First, GEOD's listing on Upbit last week attracted a lot of attention and trading activity.

In particular, the daily volume increased dramatically, with CoinMarketCap reporting a surge of over 2,263% surpassing $17 million. Additionally, the burn rate of the circulating supply has been increasing rapidly, with Blockworks reporting that 240K GEOD worth over $44K were permanently burned in the last 24 hours alone.

The number of monthly transactions on the Solana and Polygon chains also increased significantly, according to IoTeXScan. However, some traders may be offloading their tokens following the recent surge in prices, as Blockworks reported that traders unstaked $12K GEOD this week alone.