- GXChain Foundation initiates a proposal to rebrand to REI network.
- The REI Network will be compatible with Ethereum RPC and EMV.
- The new structure allows for seamless migration of Ethereum applications, including Defi.
- Price surges 900% (9X) from its last week low with an ATH of $5.7
The GXC coin had surged 900% from its last week low to hit an all-time high of $5.70 as at the time of writing with intraday volume over $4.5 billion, as per CoinMarketCap.
GXChain is a decentralized blockchain for the global data economy, designed to build trusted data exchange solutions. It is a peer-to-peer data marketplace that allows users to store and exchange their data.
Why does the coin price skyrocket?
The rise of the coin was actuated when GXChain Foundation initiated a proposal to revolutionize its brand, token distribution, economic model, and ecosystem cooperation on Dec. 2 through a tweet and on medium.
— GXChain | Becoming #REI Network (@GXChainGlobal) December 2, 2021
Since the mainnet came live in 2017, GXChain has consistently been building a value network of trusted data. To remain relevant when Defi revolutionized the crypto market, GXChain embarked on reinventing itself to GXChain 2.0. However, on 2nd December, GXChain 2.0 was renamed REI Network.
The REI network is restructured to a brand new blockchain structure that uses a lighter code architecture that is compatible with Ethereum RPC and EMV(Europay, Mastercard, and Visa). Therefore, the new structure will allow for seamless migration of Ethereum applications, allowing more applications developed on GXChain and Ethereum, including Defi.
Gigantic accumulation phase
An analysis of the chart reveals that the coin has been in an accumulation phase for the past 560 days. However, on April 5th, 2021 there was an attempt to break out but didn’t manage to sustain any rally as it got rejections from the Fibonacci golden ratio of 0.618 in the weekly timeframe.
The altcoin only managed to get a breakthrough this week following the official announcement, surging 900% from its low previous low. It even managed to hit an astonishing Fibonacci level of 2.618 which stood at $4.72. However, the RSI indicator was at 90, which is an overbought zone, indicating the possibility of price weakening.
There is an immense spike in the trading volume, resulting in a 9x gain as it surged 1000% volume as per CoinMarketCap hitting $4.5B on average. The last 24-hour trading volume on Binance in USDT pair is alone $1.7 Billion. The altcoin has a circulating supply of $75 million and ranked at 180 on CMC at the press time