An under-the-radar altcoin has exploded by more than 711% in the past two weeks amid a couple of new perpetual contract listings and a favorable crypto market environment.
Gas (GAS), the utility token for the smart contract platform NEO (NEO), is trading at $23.14 at time of writing, up from $2.85 two weeks ago.
The 138th-ranked crypto asset by market cap is also up nearly 45% in the past 24 hours and more than 272% in the past seven days.
In late October, crypto exchange BitMEX listed new GAS perpetual contract that is margined in top stablecoin USDT and offers up to 10x leverage.
On Wednesday, the decentralized exchange (DEX) Demex also rolled out a new GAS perpetual contract with up to 10x leverage.
The NEO blockchain is unique because it utilizes two native assets: GAS, which the network charges for the operation and storage of tokens and smart contracts, and NEO, the project’s governance token.
NEO has surged recently but hasn’t enjoyed the same level of gains as GAS: The 56th-ranked crypto asset by market cap is trading at $12.66 at time of writing and is up around 62% in the past two weeks.
The overall crypto market cap is up around 12% in the same period.
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