May 7, 2020: Nexo (NEXO): Up 2.69%

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Nexo Price Update

At the time of this writing, Nexo has a price of $0.1108 USD, which puts it up by approximately 2.69% from yesterday. Yesterday’s up day is a reversal of the day before it; in terms of trend, though, note that the current price is now 2.99% above its 20 day moving average, and is currently in a unclear trend over the past 14 days. Another data point we may find worthy of observation is that price for Nexo has increased 6 of the previous 10 days. Another data point we may find worthy of observation is that price for Nexo has increased 6 of the previous 10 days.

In terms of an expected trading range, the Bollinger bands on Nexo suggest price may bounce between $0.102015 and $0.113145 based on its momentum and volatility over the past 14 days. Given its boundaries, rangebound traders may find it compelling to entertain shorting, as we are nearer to the top of the range.

As for Nexo’s market cap, it is currently at about $62M US dollars.

Update on Transactions and Holders

Over the past 24 hours, 242 transfers have been added to the blockchain recording transactions amongst holders of Nexo. As for the number of holders, yesterday saw the number of wallets holding Nexo increase by 50. To understand loyalty or repeat usage amongst holders of Nexo, we can note that there were 84 wallets making a transaction yesterday, while 1,394 wallets have sent or received tokens in the past month; this imputes a daily active wallet to monthly active wallet ratio of about 0.06.

Observing Nexo’s Richest Wallets

As for wealth distribution, the richest 1,000 wallets currently own 109.34% of the money supply. Ownership exceeding 100% is due to the fact that our supply metric is focused just on available supply, and some large owners of Nexo have ownership they cannot sell at this time — but may be able to in the future. 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 4.42% of the currency’s total money supply. The week over week growth rate in the share of the total supply of the top 1,000 wallets has changed by -0.09%; as for the share of the total supply owned by exchange wallets within the top 1,000 wallets, that has changed by 0.01%. Nexo’s smart contract owns approximately 0.02% of its own total money supply. This amount hasn’t changed over the past week.

Nexo’s Social Media Presence

Social media growth, in terms of Twitter followers and Reddit subscribers, came in at up 17 and 5 over the past day for Nexo. Twitter appears to be the most popular place to follow the company, and thus may be worth monitoring. You can follow Nexo on Twitter here.

Article by SixJupiter

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