How Did Nexo’s Price Fare Yesterday?
Nexo’s current price, at the time of this writing, is $0.1073 USD, down by approximately 6.29% from the day prior. The past 24 hours mark a reversal in price from the day prior; it should be noted, though, that price is still in a unclear trend, and is currently 0.04% above its 20 day moving average. Staying above this level may be critical to sustain short-term momentum. Another data point we may find worthy of observation is that price for Nexo has increased 7 of the previous 14 days. And in terms of volume, yesterday’s price move ocurred on volume that was 39.01% less than its 7 day average volume.
Traders looking for a range to trade within may wish to note that the Bollinger bands (a price indicator based on recent momentum and volatility) for Nexo imply the currency may oscillate between $0.10038 and $0.11414, based on how price has behaved in the two weeks prior. Given its boundaries, rangebound traders may find it compelling to entertain selling, as we are nearer to the top of the range.
The currency’s market cap currently stands at $62 million US dollars.
Straight Off the Chain
Yesterday saw 363 transfers amongst holders of Nexo. As for the number of holders, yesterday saw the number of wallets holding Nexo rise by 51. To understand loyalty or repeat usage amongst holders of Nexo, we can note that there were 129 wallets making a transaction yesterday, while 1,312 wallets have sent or received tokens in the past month; this imputes a daily active wallet to monthly active wallet ratio of about 0.1.
Observing Nexo’s Richest Wallets
And in regards to wealth distribution, note that the top 1,000 Nexo wallets hold over 109.43% of the token’s total money supply. This number is greater than 100% because many of the token holders are not able to sell them yet, and thus their numbers are not included in the supply yet, though they can be regarded as future sellers when they are able to sell. If we focus on exchanges, which may be an correlated with liquidity and greater confidence in the currency, the exchange wallets that are in the top 1,000 wallets own 4.4% of the currency’s total money supply. In terms of growth rates, the share of total supply of the richest 1,000 wallets has grown by -0.06% over the past week. For the exchange wallets within the richest 1,000 wallets, their share has grown by 0.43%. The underlying smart contract itself for Nexo owns 0.02% of the total money supply; over the past week, this amount has not changed.
The Latest on Nexo and Social Media
In terms of social media presence, Nexo saw its Twitter followers and Reddit subscribers go up by 4 and 14 over the past 24 hours. Twitter appears to be the most popular place to follow the company, and thus may be worth monitoring. Here is the Twitter page for Nexo.
Article by SixJupiter
