NEO Token Has Been Having Meteoric Growth In 2019, Is GAS Rewards Behind The Bull?

The Cryptocurrency market has been recovering in 2019 after a prolonged Crypto winter in 2018.

Cryptocurrencies such as BTC, ETH, XRP, BNB, BCH, or XLM are the main Digital Assets that have been receiving the most attention in the Crypto rally. The Digital Coins have been bullish by breaking one level of resistance after another in weeks or even days while establishing strong levels of support.

However, there is one unique Coin that is stealing the show from all the heavyweights that receive all the media attention. This Crypto is NEO’s native Token.

NEO Coin is the underlying Crypto Token for on-platform operations on NEO Blockchain. Also nicknamed as “the Chinese Ethereum” since it has been modeled after Ethereum’s ETH, the Digital Coin supports the development of Digital Assets and Smart Contracts. For this reason, there are many projects that plan to adopt NEO which are on various developmental stages.

NEO Is Rallying

Since January 1st, 2019, NEO Token has gained by more than double after rising from a $7.50 to the current $14.17 according to Coinmarket cap. The market cap has also risen sharply from a low of $490 million to the current market cap that is a few hundred thousand dollars shy of $1 billion.

Additionally, there are 70,538,831 NEO Coins in circulation out of a total supply of 100 million. In the latest data, the circulating supply is attracting a robust investor activity as the 24-hour volume is $581,000,000.

GAS Reward System Is One Factor Behind The Rise Of NEO

One of the most significant factors behind the rise of the Token is the Proof of Stake Blockchain strategy that NEO uses to reward hodlers with GAS. However, the investors have to use particular Crypto wallets to be eligible for the reward program. This feature offers NEO hodlers with an RoI ranging between 4% and 6% per annum for simply owning NEO Coins.

One of the Crypto wallets that is part of the GAS reward scheme is NEON which allows NEO hodlers to automatically receive their GAS rewards.

NEO's GAS reward system

Additionally, there are more wallets that allow users to participate in the NEON platform, the only difference with NEON is that these Crypto storages require the owners of NEO to hold their private keys. The reward project is also available on crypto exchanges such as KuCoin and Binance.

The NEON reward offers GAS to users on a monthly basis on a continuous basis along with other Crypto wallet-based rewards. In regards to Crypto exchanges, the GAS allocation is done on a monthly basis only.

Other Factors Behind The Renewed Rise Of NEO

NEO’s impressive growth is also being triggered by the massive campaign by NEO’s CEO Da Hongfei. During the NEO 2019 DevCon event in Seattle, he marketed NEO as a technology that is ideal in modeling smart economy that offers digital, programmable and interoperable systems that are suitable for the modern days’ needs.

The NEO co-founder stated projects that NEO will be adopted in use cases ranging from simple potato farming to complex venture capital transactions by 2020. Seemingly, the market is reacting and the Coin is overbought in the market.