- Skale Network is a leading blockchain network with minimal gas fees.
- Its total number of active users and transactions have rebounded.
- It has already handled over 18 million in transactions this month.
Skale Network’s token price has gone vertical as demand for the crypto token continues bouncing back. The token jumped to a high of $0.047 on Monday, the highest point since April this year. It has soared by over 131% from the lowest point in 2023, giving it a market cap of over $220 million.
Skale transactions soaring
Skale Network is a blockchain network that has superior speeds than most platforms. It can handle thousands of transactions per second with minimal gas fees. As a result, it has been used to build some top dApps like 3Air, Capital DEX, ReHold, and Ruby.Exchange. It has a small but growing market share in other industries like Non-Fungible Tokens (NFTs) and gaming.
A closer look at its ecosystem shows that it is doing quite well as the crypto rally continues. First, the total number of users has jumped to over 3.64 million. Most recently, the number of active users has jumped in every month. Users in November soared to over 1.3 million, up from 1 million in October.
This user growth has been remarkable since Skale had just 35k users in July, 26k in May, and 25k in May. Active users in the last 30 days have been over 1.59 million.
The number of transactions has also jumped. On-chain data reveals that the network has had over 26.3 million transactions in the last 30 days. It had over 23 million transactions in October, up from 21.4 million in the previous month. In November so far, it has handled over 18 million transactions, bringing its cumulative total to 201 million.
As a result, Skale Network has saved users over $2.3 billion in Ethereum gas fees. Last week alone, the network saved users over $100 million.
Skale Network price forecast
The daily chart shows that the Skale Network price has made a strong comeback in the past few days. This rebound came after the token remained in a deep consolidation phase in September and November. The token has jumped above the 25-day and 50-day Exponential Moving Averages (EMA).
Further, the Relative Strength Index (RSI) has moved to the extreme overbought level of 80, signaling that it has strong momentum. Therefore, the outlook for the token is moderately bullish, with the next point to watch being at $0.054, the highest point on April 16th.
