The past day has been uneventful in the crypto market. Bitcoin and most other coins have barely moved.
But not everything is stagnant: the smaller cryptocurrency subsquid has shown a bizarre surge of 92.5% this week, turning heads in the Netherlands.
Small Crypto Explodes in Value #
Yesterday, Wall Street was closed for Thanksgiving, which typically leads to a quiet day in the crypto market. This morning, you could read about the dull price action of bitcoin and the largest altcoins.
However, subsquid shot up like a firecracker. In the afternoon, the fuse was lit: within a few hours, the price soared by over 40%. After a brief pause and a dip, a second explosion occurred overnight, accounting for another 46% rise.
The price jumped from about 0.051 euros to a peak of 0.09 euros. Since last week’s low, it has risen by 125%. During the same period, bitcoin has gone up by 14%.
It’s not entirely clear why the token made such a big move upward. But the price has at least reached a resistance level. It could very well be that a dip follows now.
According to a tweet by Finora, SQD is poised for a bullish run but might see a short-term pullback due to hesitation near resistance.
Subsquid is essentially a super-fast search engine for blockchains. Normally, developers have to run an expensive, complicated server themselves to read all transactions from a network. Subsquid removes that hassle.
Instead of one company managing all the data, Subsquid lets thousands of independent computers do the work. The system uses modern techniques like zero-knowledge proofs, making it secure, scalable, and reliable.
The SQD token is the fuel for the entire system. Apps pay with SQD to query data, and people who provide their computing power earn SQD. With a market capitalization of over 76 million euros, it ranks 312 on the crypto list.
Subsquid Ranks Among the Top Traders #
The price explosion has immediately caused a stir in the Netherlands. On Bitvavo, the country’s largest crypto exchange, Subsquid suddenly jumped to fifth place among the most traded tokens today.
And that’s quite impressive for such a relatively small player among over 400 different coins.
In the past 24 hours, nearly 5 million euros have been traded in the token. This puts subsquid surprisingly close to heavyweight Solana.