🌎 Nervos Network Token Surges 140% Amid Market Volatility

The native token of Nervos Network has recorded significant gains over the past week, though its bullish trend appears to be diminishing.

Nervos Network’s Impressive Performance

Nervos Network emerged as the top gainer among the leading 100 cryptocurrencies with a 140% rally over the past month. Notably, the asset gained 19% in the past 24 hours and is trading at $0.018 at the time of writing, marking the highest level for CKB since June.

Market Cap and Trading Volume

CKB’s market cap currently stands at $829 million, with a daily trading volume of $573 million. The price rally began on Sept. 13 after the leading Korean exchange Upbit listed the asset.

Sentiment and Social Volume

According to data provided by Santiment, the weighted sentiment around Nervos Network has been declining since Sept. 15. The asset’s social volume followed a similar trend after peaking on Sept. 13.

Funding Rate and Liquidations

Data from the market intelligence platform shows that the CKB funding rate dropped to negative 2.37% on the day of the Upbit announcement. This decrease, driven by short-positioned liquidations, contributed to the token’s impressive price gains. Currently, the Nervos Network funding rate is at 0.2%, indicating an increase in long trades.

Open Interest Trends

CKB’s total open interest has decreased by 22% over the last three days, falling from $90 million to $70 million. Despite this correction, Nervos Network’s open interest remains in a high zone. The CKB open interest was around $7 million on Sept. 12, prior to the Upbit listing.