Powerledger surges 40% amid social media buzz

The price of Powerledger has jumped over 40% this week, accompanied by growing social media chatter surrounding the energy trading platform.

According to data from Santiment, Powerledger (POWR) was the second most mentioned cryptocurrency on social media over the past 24 hours. Nearly 1% of all crypto discussions on social media over the 24 hours by press time centered around Powerledger, with 57% conveying positive sentiment, 33% negative sentiment, and the rest being neutral.

This spike in attention comes on the heels of Powerledger unveiling xGrid 2.0, an upgrade to its energy exchange network. The new version touts a minimalist interface, enhanced tracking features, and improved flexibility for energy trading — but this reveal does not seem important enough to explain the surge on its own.

Powerledger leverages blockchain technology to facilitate peer-to-peer energy transactions. The platform creates a decentralized market where individuals can buy and sell excess solar, wind, or other renewable energy with each other.

By removing middlemen from the equation, Powerledger promises reduced costs and democratization of clean energy generation and distribution. The Australia-based startup has already seen its platform implemented in various pilot projects from Japan to the United States. However, as an emerging player in the blockchain sector, Powerledger still has its fair share of obstacles and uncertainty ahead.