With the cryptocurrency world getting mainstream, a growing number of people are showing more confidence and interest in investing a part of their wealth in virtual coins that were previously not popular widely. Every now and then a little-known cryptocurrency is popping out of nowhere and showing an incredible appetite to grow, beating the surging rate of some of the more popular coins. KokoSwap is one such crypto coin. It has reported a mind-boggling 71,000 percent growth in just 24 hours recently, data from CoinMarketCap, a market research website, showed. On November 10, KokoSwap jumped from $0.01005 (roughly Rs. 0.75) to $7.22 (roughly Rs. 537.55).
By November 14, it hit an all-time high of $9.05 (roughly Rs. 673.80). However, the virtual currency, which has a market capitalisation of about $2 billion, was trading at $7.63 (roughly Rs. 568) at the time of writing.
KokoSwap is a decentralised platform that combines NFT trades with blockchain gaming. On the platform, a person can trade, invest, play, etc. The token of KokoSwap is KOKO.
The bizarre yet stunning resurgence of KoKoSwap has coincided with its “game-changing” migration from Ethereum to Binance Smart Chain. This change will allow more users to sign in and get greater access to a large community of gamers in the Binance ecosystem. Also, a number of crypto-related projects are seeking an alternative to the Ethereum Blockchain. A popular platform, Ethereum is however bogged down by congestion in its network and high gas fees.
Recently, another little-known cryptocurrency called Mana soared over 400 percent, shortly after Facebook rebranded itself to better reflect its shift towards the “metaverse”, a shared digital ecosystem where people can interact with each other. Another such example is Shiba Inu, a meme coin that was launched in August last year, which has surpassed its nemesis Dogecoin.