KLAY emerges as top gainer, open interest hits 11-week highs

KLAY, the native token of the gamefi project Klaytn, has emerged as the top gainer among the top 100 cryptocurrencies as its open interest rises. 

KLAY is up by 22% in the past 24 hours and is trading at $0.181 when writing. Its market capitalization rose to around $590 million, making it the 80th largest crypto asset.

Klaytn’s 24-hour trading volume surged by 333%, reaching $84 million.

According to Santiment, KLAY’s total open interest (OI) has reached an 11-week high of $17 million. However, the amounts of short and long positions are still not clear. Per Santiment, KLAY’s total OI took a deep dive from around $272 million to $8.1 million in just six hours on Aug. 22, 2023. 

Moreover, the surge comes as Klaytn’s social volume takes a hike. According to the market intelligence platform, KLAY’s social activity rose 34% over the past 24 hours. 

Per Santiment, Klaytn’s development activity has gained traction after witnessing constant declines for three consecutive weeks — recording a 6% incline over the past week. 

According to data provided by Investors Observer, KLAY remains in the middle of the risk/reward zone as the analysis shows a probability of a downward movement for the asset.