Keep Network, an incentivized network for storing and encrypting private data on the public blockchain, has its native work token, KEEP, which overall indicates negative sentiments in its price analysis chart. The work token noted over 80% of drop as per its all-time price performance. Meanwhile, in the recent one week and one month, the drop was almost more than 20%.
The network is made of off-chain containers for private data known as keeps, and KEEP work token enables the network to be completely permissionless. Keep Network also solves the main problem of holding back blockchain adoption where data on public blockchains are public. As per CoinMarketCap (CMC), along with the network, developers can finally build fully decentralized apps.
KEEP Price Analysis
At press time, KEEP price is trading at $0.102854 with a 24-hour trading volume of $80,447.46. The work token is down 5.01% in the last 24 hours, with a current market cap of $97.28 Million. In the last 24-hours, the token was noted low at $0.1026, while high was at $0.1091, as per the data sourced from CMC.
The least trading volume the token experienced took its price downside. As shown in the above chart, the price suddenly dropped down and then headed upwards. This further shows a potential tug-of-war between active bulls and bears in the market. Most of the time, bears are able to drop the token price.
A recent one year of analytics of Keep Network states nearly 85% of addresses are holding $0 to $1K of work tokens. Meanwhile, over 13% addresses have $1K to $100K of tokens, and around 1% of addresses hold more than $100K work tokens. Additionally, more than 83% of whales hold the work token and the remaining percentage is held by others.
Keep network also brought tBTC, a Bitcoin (BTC) bridge on Ethereum, which is the first application built on top of the network. According to the network, “it is an open-source project supported by groups including Keep, Summa and the Cross-Chain Group.”
tBTC is a fully Bitcoin-backed ERC-20 token pegged to the price of BTC. This token facilitates BTC holders acting on the Ethereum blockchain, accessing the decentralized finance (DeFi) ecosystem, and earning with their Bitcoin.
Last but not least, the global market price performance holds the upside direction with an increase of 0.47% as the global market cap reached $1.11 Trillion. The price of BTC also traded above the range of $26K, while Ethereum (ETH) followed the trading range above $1.8K.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/06/09/keep-network-price-analysis-indicating-negative-sentiments/