Quant Network’s QNT token is one of the best-performing digital assets in the crypto market, as its value has surged by over 100% to $216.54 in the last 30 days.
The native token of the interoperability-focused blockchain network has enjoyed a string of positive performances, culminating in being Oct. 17’s top gainer, according to CryptoSlate data.
Although it is trading around 50% below its all-time high of $427.42, the asset is enjoying a renaissance that has seen it outperform Bitcoin (BTC) and Ethereum (ETH) over the same period.
What is Quant Network?
Quant is an interoperability-focused network facilitating the interaction of private and public blockchains. Its token supply is capped at 14.6 million.
Founded in 2015, the project allows decentralized applications to operate on multiple blockchains simultaneously. According to its website, the project is also designed to facilitate central bank digital currency issuance and transactions.
Why is QNT surging?
According to blockchain analytical firm Santiment, QNT’s rise had been supported by “Volume, daily active addresses, and whale accumulation.”
? #Quant has been climbing the market cap ranks as of late. Among the top 100 assets in #crypto, it has the 2nd best returns in the past month, & best in the past week. Volume, daily active addresses, and whale accumulation have all supported $QNT‘s rise. https://t.co/A0xnAlTjq1 pic.twitter.com/hNA974TIwq
— Santiment (@santimentfeed) September 28, 2022
The firm added that whales had accumulated 15% of the coin in 5 months. Data from Intotheblock shows that around 60% of the coin holders are those who bought between 1 month – 12 months.
However, what likely got the new wave of holders interested in the token appears to be the recent developments on the network. In June, the network launched a mechanism, tagged Tokenise, that allowed the creation of QRC20 interoperable tokens compatible with ERC20 tokens
Apart from that, the network also enabled the QRC721 standard, which meant users could now create and deploy non-fungible tokens that are interoperable and also secure on its blockchain.
Data from Lunar Crush shows that social media sentiments on the coin remain bullish. According to the firm, its social mentions and engagements grew by 43.24% and 64.57%, respectively in the last seven days.
Quant starting the week really strong at AltRank™ 1 out of the top 3,928 coins across the market. Price is up +18.52%? to $218.69 over the past 24hrs.
Social mentions: +43.24%
Social engagements: +64.57%
Social contributors: +65.38%https://t.co/0bJfwzoNeQ pic.twitter.com/BGyc8FKDM8
— LunarCrush (@LunarCrush) October 17, 2022
Meanwhile, an analyst on Tradingview pointed out that Quant was in the overbought zone. The asset’s Relative Strength Index (RSI) was over 75 –usually, an RSI score above 70 means an asset is overbought, while a score below 30 indicates that it is oversold.