- Kyber Network's token, KNC, recently saw a major price surge.
- The surge comes only days before the project's pending upgrade.
- After surging by 27%, the coin reached a 2-year high yesterday, July 3rd.
KNC, a native cryptocurrency of a project known as Kyber Network, recently saw a massive rally that started on June 29th, and it pushed the coin’s price from $1.10 to $1.93. The surge was very sharp, and the token managed to gain more than 27% this Friday, July 3rd, alone.
KNC price surges
The surge, while very sudden and sharp, did not come as a huge surprise. After all, the project is just about to see a major protocol upgrade, which is scheduled to take place on July 7th.
Also, since reaching its peak at $1.93 yesterday, the price saw a correction that took it down by 4.06%, down to $1.65. However, Friday has certainly been KNC’s day, as the token became the best performing crypto among the top 100 largest coins by market cap.
It currently sits at the 33rd place on the list of largest coins. Meanwhile, it gained more than 62% over the last week, as its price continued to surge.
The project also saw another sharp surge in early June, when its price skyrocketed from $0.7 to $1.27, In other words, the coin’s price increased by around $1.2 in the last 30 days.
About Kyber Network and its pending upgrade
Despite Kyber Network’s recent popularity and excellent price performance, not a lot of people seem to know much about the project. This is an Ethereum-based crypto and blockchain project that came up with its own decentralized token swap protocol.
Basically, the protocol allows users to convert ETH back and forth, and to do it almost instantly. With the pending upgrade, Katalyst, which will allow the project to launch its KyberDAO platform, it is no wonder that the buying pressure skyrocketed in recent days.
The upgrade will also bring a number of other features, but investors are also excited about the project’s partnership with StakeWith.US, which will enable the staking of the token.
Kyber Network also released a blog post recently, explaining how all of it will work. In the post, it states that 65% of network fees will be used as rewards for staking.