NEO is under threat of falling below $17 in the latest market downturn, which would effectively wipe out all gains since August 2017. The asset peaked at $196.85 on January 10 as the first days of that month coincided with an apex for the entire crypto market. But there are reasons specific to NEO that may be causing the slide.
NEO was meant to resemble Ethereum in that it would be required to make projects run. But the network actually uses the GAS asset to move tokens, so there is no direct demand for NEO. Additionally, ICOs still prefer to collect Ethereum, Bitcoin, and, lately, cash in US dollars or even euros. NEO is simply not as popular for fund-raising.
The additional trouble is that there are not enough airdrops. Barring the high-profile airdrops of Ontology (ONT) and RedPulse (PHX), as well as a handful of other projects, NEO has not enjoyed much popularity on that front. A few airdrops created extreme hype and demand for NEO, but the mood changed later, and a simple airdrop does not inspire more buying.
NEO was meant to resemble Ethereum in that it would be required to make projects run. But the network actually uses the GAS asset to move tokens, so there is no direct demand for NEO. Additionally, ICOs still prefer to collect Ethereum, Bitcoin, and, lately, cash in US dollars or even euros. NEO is simply not as popular for fund-raising.
The additional trouble is that there are not enough airdrops. Barring the high-profile airdrops of Ontology (ONT) and RedPulse (PHX), as well as a handful of other projects, NEO has not enjoyed much popularity on that front. A few airdrops created extreme hype and demand for NEO, but the mood changed later, and a simple airdrop does not inspire more buying.
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