The Shiden Network price rose 30%, making it the biggest gainer on Crypto.com today. SDN is a relatively undervalued project with a market capitalization of $142 million and a trading volume of $11 million. What is all the hype about and why has Shine Network’s price increased so much today? Let’s find out.
What is the Shiden Network?
Shiden Network describes itself as a multi-channel dApp hub built on top of Kusama. It allows developers to quickly deploy smart contracts on the Kusama network.
Shiden supports Ethereum and WebAssembly virtual machine and various applications like DeFi, NFT, etc.
The biggest selling point of Shiden Network is the multi-chain infrastructure, allowing developers to connect to various blockchains like Ethereum, Secret Network, Cosmos, etc.
Shiden Network has a fully functional app for users to explore. The portal offers 21 dApps at the time of writing with a total locked value of over $20 million.
If you have SDN tokens, you can stake your tokens on the various dApps to potentially earn a substantial return.
If you already hold SDN, I highly recommend staking your coins on a dApp of your choice.
Why is the price of the Shiden network increasing?
The latest news about Shiden Network is their current listing on Huobi and their ongoing campaign on Huobi Global, a major exchange.
Last night, Huobi Global announced the Shiden Network listing, allowing users to trade SDN on the platform.
Huobi is also running a promotion with a prize pool of 91,000 SDN and an APY of 100%. All users need to do is deposit SDN into their Huobi global account to be eligible for rewards.
Partnering with a major exchange is a sure way to increase awareness of the project and attract investor interest.
Shiden Network Pricing and Tokenomics
Shiden Network is currently trading at $2.69, up 30% in the last 24 hours. SDN has a market capitalization of $146 million with a 24-hour trading volume of $14 million.
There is a total supply of 71 million SDN, with a circulating supply of 54 million SDN. Overall, Shiden Network is positioning itself as a leader in the Web3 space, providing a multi-channel platform for developers to build next-gen dApps.
Most of the trading volume for SDN comes from Gate.io, KuCoin, and Kraken. However, with the recent listing of Huobi Global, we can expect even greater trading volume.
Users can buy SDN on most major exchanges. If you are in the United States, we recommend KuCoin.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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