GAS [GAS] sees a slow and steady hike of 10% post Binance’s announcement

On 2nd July, Binance announced the increment in prices of GAS. This was made due to congestion on the ETH network and affirmed to remain the same until the congestion reduces. Post the announcement, the coin faced a hike. Currently, the coin runs green in its 24 hours cap with a hike of 10%.

GAS 1-day trading chart | Source: CoinMarketCap

On 2nd July, GAS started its day at $10.19 as the coin faced no fluctuation until Binance played the dice.

Post the announcement by Binance, GAS hiked to $11.19 after which it kept slowly increasing. The coin was running green with minor hikes. Until Binance spoke about the distribution of GAS for NEO holders.

The latest Ethereum network congestion was the result of a Chinese startup exchange FCoin, whose “cumulative deposit number ranking” competition for FCoin GPM listings had incentivized some smaller ERC20 projects to send droves of deposits to the platform.

Accordingly, the gas price hikes have resulted due to the same!

On 3rd June, Binance announced the distribution of GAS to be completed. Their official website said:

“All the GAS for the June have been deposited in your account. You can check it in Distribution History > Account Center.”

Through this announcement, all NEO holders on Binance get the monthly distributional quota of GAS.

One can gain GAS coins by simply holding NEO on Binance, the holder will receive a GAS distribution on the second day of each month. This calculation is done based off of the amount of NEO the holders account each day. The daily snapshot is done at 8 AM [GMT].

Binance is known for the pumping the coins that are listed on its platform.

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