GEODNET's governance token GEOD has seen significant price volatility, with returns peaking at 39% in 24 hours before retracing around 15%. The token's total supply is 962.94 million, with almost half already released. Following its listing on Upbit, GEOD has been among top gainers on various exchanges, including KuCoin Web3 Wallet.
Trading Activity
The high trading activity on centralized and decentralized exchanges resulted in a spike in daily volume, with CoinMarketCap reporting a surge of over 2,263% to surpass $17 million.
Burn Rate and Transactions
There has been an uptick in the burn rate of the circulating supply, with 240K GEOD worth over $44K permanently burned in the last 24 hours, according to Blockworks. The daily burn rate surged from 96.3% to 180.3% in four days. Additionally, the number of monthly transactions rose from 17,995 to 52,996, a 3x hike in one day, as per IoTeXScan.
Price Outlook
On the price charts, GEOD started its recovery in August, breaking above a month-long support at $0.19. However, bulls may face resistance at $0.24-$0.25, with the bigger target sitting at $0.30 and $0.37. A turnover ratio of 0.176 suggests intense buying interest, likely from traders chasing momentum in a low-liquidity token.
