GateToken (GT), the native token of GateChain founded by Gate.io, has catapulted into the top 100 cryptocurrencies, achieving a market capitalization exceeding $1 billion.
In the past 24 hours, GT has surged by 28.3%, trading at $11 at the time of reporting—a level unseen since May 2021. With a market capitalization of $1.05 billion, GateToken now ranks as the 96th largest cryptocurrency.
The daily trading volume of GT has also surged by 180%, reaching $50 million.
Data from Santiment reveals that the number of GT holders has surpassed 3,427 unique addresses, marking the first time since November 2022 that the GT holders have exceeded the 3,000 wallet mark.
However, market intelligence platform data indicates that GateToken’s Relative Strength Index (RSI) has risen from 70 to 75 over the past 24 hours, signaling overheating. This suggests a possibility of significant profit-taking by large holders, given the low number of holders.
To maintain its bullish momentum, GT’s RSI would need to cool down below the 50 mark.
Gate.io has witnessed a slight increase in its daily trading volume, reaching almost $3 billion, according to data from CoinMarketCap (CMC). The exchange’s total assets are valued at $5.27 billion, with GT representing a significant portion, around 20%, equivalent to $1.05 billion. Bitcoin (BTC) holds the second-largest share in Gate.io’s portfolio, valued at $1.04 billion.
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