NANO (NANO) Price Spikes 70% in Three Days, Is It Only a Pump Effort?

NANO (NANO) has appreciated by a remarkable 70% in value over the past three days, but with signs that it is mostly due to a concerted effort to pump the price. On Friday, NANO broke the $2 barrier for the first time since the start of August, and growth continued over the weekend with the price exceeding$3.50 on Monday morning (UTC). Trading volumes also picked up significantly over the past three days

The price movement seems to be unrelated to the recent exploit of the Nanex Exchange, a marketplace dedicated to NANO trading, which recently saw an asset, Haven Protocol (XHV), hacked through a wallet exploit.

NANO was listed on Binance at the beginning of May, with NANO/BTC becoming the most active pair well ahead of NANO/ETH and NANO/BNB. After many weeks of low volumes, on August 27, NANO/BTC was the second most active pair on Binance, taking up more than 8.8% of volumes.

https://twitter.com/CryptoMaestro/status/1033677529855324160

But there have been indications that the high volumes and activity may be due to concerted pump efforts, allowing the price to continue moving. The appreciation of NANO is also used to bring attention to Telegram pump groups offering early access to pumps - a move that is considered risky, given that the news may actually reach users too late, and cause losses.

https://twitter.com/vufifemoziby/status/1033939235055837184

The NANO project has seen its price fluctuate, but the team is seen as one of the more solid in the crypto community. However, the price has sank significantly since the peak from January 2, when NANO hit $37.62. The coin, which traded for a few cents, was distributed through a faucet for months, before hitting exchanges and becoming one of the best-traded assets during the bull market in December and January.

NANO Mandatory Version Update

The NANO network is currently expecting an update to improve the traffic related to votes. Recently, the NANO team released NANO Node Version 15.2, with a deadline to download until September 1. The update has the chief aim of improving the weight of voting activity, aiming to decrease voting traffic that has overloaded the network.

NANO uses a series of decentralized nodes to verify the network, in addition to having each user verify their own version of the blockchain.

“One of the main features of this version is the change to vote by hash. In previous versions, each representatives vote included the full block, which is a total of 256 bytes + 64 bytes for the representative’s signature. When vote by hash is activated, votes will only include the block hash, which results in votes being 32 bytes + 64 bytes for the signature,” the team wrote in a recent blog.

The update is mandatory, and users of the older versions will find their wallets incompatible with the new approach.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.