Can Klaytn developers continue to raise the KLAY price?

Can Klaytn developers continue to raise the KLAY price?

Klaytn (KLAY) recently saw an unexpected price rally, rising as high as $0.1985 amid higher retail euphoria.

Klaytn, a public blockchain project led by South Korean telecom giant Kakao, recently saw a 25% price increase. Market participants were confused by the sudden gains.

Aside from retail interest, however, there were several factors at play behind the altcoin’s price rise.

Klaytn developers support price action

One reason behind the sudden price increase could be the launch of a beta version of its decentralized governance portal, Klaytn Square. According to an update from the Klaytn Foundation, the Klaytn Square portal was launched in beta to promote on-chain governance.

This was combined with Klaytn’s Klaymakers22 hackathon, which saw over 23,000 workshop participants and 174 project submissions. These events probably worked in favor of the KLAY award.

One of the most notable on-chain changes in Klaytn was the development activity that witnessed a boost, likely due to the hackathon event. Development activity contributors for KLAY shot to a record high and maintained higher limits from late October to November.

KLAY development activity and development activity contributors |  Source: Sentiment
KLAY development activity and development activity contributors | Source: Sentiment

Notably, development activity continued to shine despite the larger crypto market’s bearish blues. Development activity for KLAY reached a local peak around November 9 and maintained these higher levels despite minor declines.

Retail euphoria at stake

KLAY saw a significant increase in 24-hour trading volumes, which rose by 193.61% on November 24th. While development activity continued to outpace other values ​​on the chain, the KLAY whales made some moves that briefly pushed price action higher.

The chart showing the percentage of the total stablecoin supply held by whales over $5 million noted an increase of over 1.5% in just one day.

Percentage of total stablecoin supply held by whales with over $5M |  Source: Sentiment
Percentage of total stablecoin supply held by whales with over $5M | Source: Sentiment

Despite the price gains, social metrics didn’t see a big pump. Social volumes maintained lower levels while weighted social sentiment remained in the negative territory.

Social calculations KLAY | Source: Sentiment

Apparently, development activity combined with some whale accumulation has pumped up the altcoins price.

Going forward, the $0.20 mark could play an important turning point for KLAY. A reversal can be confirmed if KLAY price can hold above this level and convert it into resistance.

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