Crypto
Gains Network Nearly Doubled on 32 Times Its Usual Volume; BAT Added 28%
GNS rose from a low of $0.347 to a high of $0.858 on October 13 and closed up 93.51% at $0.716, its highest close since April 11. Basic Attention Token gained 28.48% to $0.1976 on ten times its normal volume.
Two tokens that had been quiet for months had their biggest days of the year on October 13.
The larger move was in GNS, the token of Gains Network, a decentralised exchange for leveraged trading. It started the day near $0.37 and hit $0.347 in the first hour. The climb came in two bursts: +37.9% in the 13:00 UTC hour, then +36.6% at 16:00 UTC, before a peak of $0.858 at 17:00 UTC — 147% above the morning low. GNS closed at $0.716, up 93.51%, its highest close since April 11. Daily volume reached $8.92 million on Binance, 32 times its 30-day average.
The second was Basic Attention Token (BAT), used in the Brave browser's advertising system. BAT rose steadily through the day rather than in one spike, with its strongest hour, +8.9%, at 19:00 UTC, when it touched $0.2073. It closed at $0.1976, up 28.48% and at its highest level since January 19, on $22.4 million of volume, about ten times normal. By early October 14 it was trading near $0.1955.
Neither project announced anything that clearly explained the size of the moves by the time of writing. That makes the volume numbers the most reliable information available: 32 times normal volume means a lot of new buyers, but it also means a lot of holders with a fresh profit to take. GNS spent the hours after its peak between $0.67 and $0.84 and was at $0.716 early on October 14.
This month's earlier spikes offer a guide to what can come next. Gitcoin's GTC, which jumped 55% on October 12, fell 20% on October 13; Osmosis, up 39%, lost 19%. A rally that holds after the first day is the exception rather than the rule.