During the course of the last few days we have seen incredible growth from the NEO Token. Previously known as Antshares, NEO has been dubbed the Ethereum of China. Given this, it comes as no surprise that the Cryptocurrency has managed to gain significant traction in the market, so much so, that big investors now have triple digit price predictions for the coin.
Current Market Situation
At the time of writing this article, NEO’s price is currently sitting around 44$, up a staggering 41$ over the past 3 days. NEO’s all time highly was approximately $50. On the basis that NEO is doing a major press release in 3 days time, i don’t think it would be unreasonable to think that the coin will break its all time high.
The Press Release Causing All the Hype
The is a lot of speculation surrounding poster the NEO marketing team put out prior to there press release scheduled in the coming days. Now forgive me for any mistakes i might make here as i haven’t had a chance to brush up on my Mandarin in a while, but from what i gather, the translation is as follows:
- Progress doesn’t stop. By the time you have read this, you are already standing with NEO, on the path of world change. 3 days to something happening. Until then, life is good
- Moving forward, never stopping when you have read this, you are one with NEO, let’s change the world together 3 days to an announcement 3 lifetimes of blessing.
Other Rumors Contributing to the Price Action
Right now the assumption that China will be legalizing Initial Coin Offerings granted that they occur on the NEO platform is the primary driver behind NEO’s monstrous price gains. If this bodes true, i think we could see even more significant growth in this coin.
On top of this, other rumors also contributing to the action include:
- Bittrex are going to be announcing that they will be adding GAS to their exchange and crediting holders of NEO with their respective gas earnings (GAS is a rewards mechanism that encourages people to hold NEO).
- Bithumb, one of Korea’s largest exchanges will be adding NEO to their platform next week.
- China are going to ban Bitcoin Mining which will inevitably result in a shift of funds into NEO if the government gives it the stamp of approval for ICO’s etc.
- China will be giving NEO developers technology grants to incentivise blockchain development within their economy.
Regardless of whether any of these are true or not, they have definitely had a significant impact on it’s price, and there a decent chance that the price will backtrack once the news becomes official.
I personally have been following this project since its Antshares days and would absolutely love to see the Platform compete with the likes of Ethereum’s price point.
DISCLAIMER: Everything stated here are my opinions. Only invest money you can afford to lose and do your own due diligence – the cryptocurrency market is incredibly volatile and makes for VERY risky investments.