Can Quant Network’s latest partnership change the market narrative against QNT

Can Quant Network’s latest partnership change the market narrative against QNT

  • The Quant network has partnered with UST to help financial institutions build CBDCs, stablecoins, and so on.
  • QNT follows the trend as the price jumps by 10% in the last 24 hours.

In a press release on 22 November, Quant Network writes [QNT] announced a partnership with UST, a digital transformation solutions company. The aim of the partnership is to provide technical integration and tokenization services to central and commercial banks and capital market participants.

Read Quant’s [QNT] price forecast 2023-2024

According to the press release, Quant Network will provide the basic technology required, while UST will offer interested financial institutions support by designing user interfaces and integration with the sandbox.

“The partnership facilitates the issuance of central bank digital currencies, digital money in the form of commercial stablecoins and digital securities on large distributed ledger networks,” the press release said.

On why the partnership with UST was necessary, Gilbert Verdian, founder and CEO of Quant, said,

“UST has been at the forefront of blockchain services for almost a decade, and their customer focus is in line with our approach. The partnership will ensure that financial institutions can create new business opportunities and innovate with new DLT-embedded products and services to tokenize existing asset classes.” ”

QNT has room for growth

As the rest of the cryptocurrency market recorded positive gains over the past 24 hours, QNT was not left out. The token’s price increased by 10% in the last 24 hours. Furthermore, according to data from CoinMarketCap, QNT changed hands at $111.94 at press time.

Since FTX’s sudden collapse a few weeks ago, QNT’s price has fallen by 27%. While the price drop reflected the overall market’s downward trend, data from the chain showed that there had been fewer QNT sales. In fact, investors have bought more than they have sold.

According to data from Santiment, QNT’s offer on exchanges has fallen by 20% since 7 November. This led to a fall in the asset’s foreign exchange reserves from 2.18 million to 1.77 million in 16 days.

Source: CryptoQuant

As expected, while on-exchange supply fell, QNT’s off-exchange supply increased. Since FTX’s fallout, this figure went up by 3%.

Source: Sentiment

Furthermore, QNT’s supply distribution showed that holders of 1 to 10,000 QNT tokens remained relentless in token accumulation in the face of numbing market bearishness. According to data from Santiment, the number of this category of sharks increased by 31%.

However, the number of QNT whales holding between 10,000 and 1,000,000 QNT tokens witnessed a steady decline since the FTX collapse. At press time, the number of these whales was 172. As of November 7, this group of investors was 175.

Source: Sentiment

At the time of writing, negative sentiment followed QNT, despite the price rally over the past 24 hours.

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