The XYO the most important player in the decentralized physical infrastructure network (DePIN)-had an exponential rise of 125 percent within the last 24 hours. The explosive growth took the coin to a daily high value of $0.01951 with the trading volume surging by over 2,300 percent and reaching $60 million. In the list of top 500 cryptocurrencies by market cap, XYO was the major gainer of the day.
Speculation regarding a possible partnership with electric vehicle titan Tesla fuels the uptrend. Online rumors on December 2 suggested that the DePIN project might collaborate with Tesla, prompting interest from investors to drive its price from $0.0086 to over $0.019.
This speculation-driven rally contributed to the wider upward momentum in the crypto space, as XRP and Hedera rallied while it was up a phenomenal 278% in the last month, the most followed token in the market.
XYO runs on a decentralized network infrastructure of physical nodes. Its tools and incentives make its users able to exercise their data sovereignty. This comprises consumer software, developer resources, and digital assets with XYO underpinning everything.
In October, XYO bridged its token to the Solana blockchain, which expanded its ecosystem. In doing so, it now allows decentralized applications on the Solana network to take advantage of low transaction costs for which XYO has been restricted to trading on Ethereum. Trading is now supported on decentralized exchanges such as Raydium and Jupiter.
Even though XYO has seen a recent resurgence, the asset still sits nearly 77% lower than its all-time high of $0.08203 seen in November 2021. Even with all this hype, investment still waits for official confirmation on this rumored partnership with Tesla.
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