Neo Network Implements Network Upgrade While Its Development Activity Is A Steady Uptrend

Hard forks and upgrades have been the highlight of the year 2022. Neo blockchain hops on this bandwagon as it is all set to implement a network upgrade and hard fork.

The Neo Network offers robust native infrastructures such as domain name service oracles and decentralized storage.

An upgrade dubbed the Neo-CLI v3.3.0 T5 was going to be implemented on the Neo Chain at an N3 block height of 1,730,000, as per a TestNet and MainNet Upgrade Notice published by the Network on 2 June. There are currently around 1,702,402 total blocks on the Network.

According to the data from CoinMarketCap, NEO, the native coin of the network, went through a rough patch since it reached its ATH of $196.85 four years ago. It can’t be said yet if the network upgrade could gain the attention of the inventors. Currently, it’s pegged at $9.03 per piece.

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NEO Performance So Far In This Year

This year, the NEO coin has witnessed a significant drop of 64% and is currently trading at $9.02. Its price was pegged at $25.7, at the beginning of the year. At the time of writing, the coin was trading at $8.61, down approximately 95% from its ATH of $196.85.

While it is ranked as the 60th leading cryptocurrency in the world, it has a market cap of $74,580,017. This too has dipped by 64% in about six months as it started the year at a market capitalization of $1.83 billion.

In short, the coin’s performance has been quite average. On May 9th, the social dominance of the coin was recorded at a high of 0.40%. However, at the time of writing, it fell by 82% approx.

While the social dominance of NEO was recorded to be at 0.067%. On May 9th, the social volume witnessed a high of 378, its highest recorded this year. The social volume was around 60, experiencing an 84% decrease since the high in May.

Meanwhile, since the start of the year, the development activity of the network appears to be on a steady uptrend. At the time of writing, it was recorded to be 36.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing