NEO is having a steady year so far. The digital token, for the most part of the year, has been moving along with the trend of the crypto market. Many investors wrote off this year and started to accept the fact that it was and will be a quiet year for the NEO community.
The digital asset, however, began to make waves, and in October, it pulled off one of the top performances this year in the crypto market. On October 25, NEO recorded a 45% rise in one day. The crypto market, leading up to this feat, was climbing down after a rally, with most coins seeing a decline in price.
NEO, however, maintained its momentum and saw its price rise from trading at $8.45 the previous day, to $12.24, the highest since July this year, cementing its position as the 18th most significant digital coin on the crypto market. The surge in NEO’s price also increased its trading volume by a billion-dollar, within 24 hours.
Although many experts attributed the surge in price, to the general bull run of the crypto market, others also linked it to the “Xi-Pump,” a term given to the influence of the actions of the Chinese President Xi Jinping.
President Xi Jinping recently spoke about the state of blockchain in the country of China and how he and his government officials want to seize the opportunity that the technology brings and make the most of it. Other Chinese currencies such as Nebulas (NAS) and Ontology (ONG) also experienced a surge in price, which was attributed to the Xi Pump.
NEO has since announced plans which will better the services the digital token provides. The co-founders of the token, Da Hongfei and Erik Zhang, announced that a NEO 3.0 upgrade was underway and will be a massive development to the NEO token. According to the two founders, the update after completion will see transactions on the NEO network, increase to 20,000 per second.
NEO, which has Asian links, is also tipped by experts to become a more prominent blockchain platform than its peers, due to the size of the Asian market. Also called the ‘Chinese Ethereum,’ it also gives its users the option to create dApps and smart contracts, just like Ethereum.
The Chinese government still hasn’t made its intentions clear on cryptocurrencies, and in any case, when they decide to embrace them, then NEO would be in for a massive boost regarding the size of the Chinese market.