High-speed blockchain network Elrond (EGLD) has pumped over 180% in the past week and 42% in the past day, data from CoinGecko shows. It has broken into the top 20 cryptocurrencies by market cap as a result, having grown in size to $2.9 billion.
The move comes a week after the launch of Elrond’s ‘Maiar’ wallet, a mobile app that allows users to send and receive cryptocurrencies using just their phone number. It has proven to be a success so far, with over 100,000 people downloading the app, as per an official tweet.
Traders have pushed the token’s prices up on the development. EGLD traded under $50 last month but saw a 180% increase to over $191 this morning—its highest-ever price. Over $1.6 billion worth of the token exchanged hands in the past day, with $600 million of that volume coming solely from Binance.
As the below image shows, EGLD remains in a firm uptrend. It trades above its 34-period exponential moving average—a popular tool used by traders to measure an asset’s overall trend—and has no overhanging “resistance” level, which could have seen traders sell the token.
Founded in 2017 by three Romanian developers, Elrond raised over $5 million in 2019 via the Binance ‘Launchpad’ sale (a fundraising platform provided by the crypto exchange) to build out its high-speed blockchain network.
It uses a proof-of-stake consensus mechanism, relying on individual “nodes” to maintain the network and process transactions, while also utilizing “sharding,” a technique that splits a blockchain into many clusters to increase speed, scalability, and ensures security. This creates a strong fundamental narrative for investors and traders—one they are seemingly putting their money on.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.