XYO token soars 125% in 24 hours to lead top gainers

XYO, the native token of the decentralized physical infrastructure network project of the same name, has soared more than 125% in 24 hours.

The XYO token traded to highs of $0.01951 and saw its daily volume skyrocket over 2,300% to over $60 million. It recorded the most gains among the top 500 cryptocurrencies by market cap. While the gains come amid a broader surge for coins such as XRP (XRP), Hedera (HBAR) and Dash (DASH), XYO was exploding amid speculation of a major partnership.

On Dec. 2, rumors online pointed to a potential partnership between the DePIN project and electric vehicle maker Tesla. The speculation appears to have sparked XYO into a vertical ascent, with the token jumping from lows of $0.0086 to above $0.019. Intraday volume also increased significantly, rising from around $2.18 million to over $60 million.

This explosion put XYO on top of the leading gainers in the market on the day, with the price jump over the past month reaching 278%.

XYO offers a decentralized physical infrastructure network with key features including consumer software, developer tools, and digital assets. The XYO ecosystem supports and incentivizes users for data sovereignty with the XYO token at the core of this project.

In October, the XYO team announced that the project had bridged the native token to Solana. This meant native availability on Solana as well as Ethereum, with trading support on decentralized exchanges Raydium and Jupiter.

Bridging has allowed for decentralized applications that integrate XYO on the Solana network to tap into SOL’s low transaction fees.

XYO reached an all-time high of $0.08203 in November 2021. Despite the latest price surge, it’s still more than 77% below that peak.