In the world of crypto, a lot of large changes tend to happen during the weekend. This is an interesting phenomenon which does have exceptions in case of important development, but most investors still await weekends for the real action. This is what happens to most coins, whether they are among the top altcoins, or lower than the rank of 50. One such development took place during the last weekend, when an altcoin called Golem (GNT) experienced a sharp surge in volume, only to see it drop once more, come Monday.
What is Golem?
Golem is described as a decentralized supercomputer that reaches around the world and can combine computing power of all devices that are connected to its network. It allows users to loan their computing space to others in exchange for a reward, and many have taken to using this method to make additional profit.
This also includes renting computing power from the network in order to perform various tasks or increase the speed of performance. To rent computing power, users have to pay with Golem Network Token (GNT), which is one of the ERC20 tokens. Those who are loaning the power also receive payments in GNT, and can even set their own price.
At the time of writing, GNT holds the 48th spot on CoinMarketCap, with a price of $0.163439 per coin. However, while Golem’s price is relatively low, the most interesting part about the coin is its recent behavior.
GNT coin volume surges over the weekend
Golem was an uneventful coin in the last few months, and the last bit of action that it experienced happened at the beginning of September. However, this changed during the last weekend, when its price and trading volume suddenly surged.
Prior to the weekend, GNT was priced at $0.1517, but it jumped to $0.168 on October 21st. While this is a small spike that only includes a fraction of a cent, the coin’s volume jumped from $1.6 million to $5.6 million, which was a much more significant change.
While significant, this spike did not last, and Golem’s volume dropped down once more as soon as the weekend has ended.
GNT is available on numerous exchanges, with its trading volume currently being the highest at UPbit, with $494,237 in the last 24 hours. Other exchanges that are trading this coin include Binance, Exx, Bithumb, Huobi, Bittrex, CoinEx, OKEX, Poloniex, and more.
It is not clear what caused this volume surge, although many believe that the event has some connection to the purchase of higher amounts of computing power. While this might be the case, the spike in volume is a confirmation that Golem is still very much alive, despite its low price and rank.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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