KLAY, the native token of the gamefi project Klaytn, has emerged as the top gainer among the top 100 cryptocurrencies as its open interest rises.
KLAY is up by 22% in the past 24 hours and is trading at $0.181 when writing. Its market capitalization rose to around $590 million, making it the 80th largest crypto asset.
Klaytn’s 24-hour trading volume surged by 333%, reaching $84 million.
According to Santiment, KLAY’s total open interest (OI) has reached an 11-week high of $17 million. However, the amounts of short and long positions are still not clear. Per Santiment, KLAY’s total OI took a deep dive from around $272 million to $8.1 million in just six hours on Aug. 22, 2023.
Moreover, the surge comes as Klaytn’s social volume takes a hike. According to the market intelligence platform, KLAY’s social activity rose 34% over the past 24 hours.
Per Santiment, Klaytn’s development activity has gained traction after witnessing constant declines for three consecutive weeks — recording a 6% incline over the past week.
According to data provided by Investors Observer, KLAY remains in the middle of the risk/reward zone as the analysis shows a probability of a downward movement for the asset.