The KNC cryptocurrency is up about 22% in the past two days, rising to a peak at $1.92 before retracing back to $1.74.

The rise of the cryptocurrency KNC is due to three main reasons, which we will address in this article.

As for the main reasons that contributed to the rise of the KNC coin by 22% in the last 24 hours, they are as follows:

1- Increasing popularity and adoption in Asia:

According to Do Wan Nam, who is developing the MakerDAO business in Asia, the KNC digital currency is now one of the most traded decentralized finance currencies in South Korea.

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and stated In this regard, he said:

It may come as a surprise to some but Kyber is the most traded DeFi currency in South Korea with more retail channels like Coinpan.

But this is understandable because the coin is one of the few decentralized finance coins that can be accessed via three of the largest cryptocurrency exchanges in South Korea.

It is one of the strong reasons that contributed to the increase in interest in the currency and stimulated the upward trend of the currency.

2- Positive technical reading of the currency:

According to Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange on July 17, the KNC could continue to rise.

Bob emphasized the KNC elastic support level at 0.00017 Bitcoin as a critical line of defense.

KNC remained above 0.00017 BTC, and earlier rose to 0.000203 BTC

Tell Van de Poppe said:

The currency behaves in a very small scale.

A breakout of 18000-18250 is possible, and I think we will continue to rise towards higher levels.

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3- Launching the currency quota mechanism and supporting it from the large trading platforms:

On July 6, the developer community of the “Kyber Network” project announced the launch of Katalyst and KyberDAO on the mainnet, activating a quota mechanism that rewards users by participating in the network.

The developer team said:

KyberDAO will empower the Kyber and DeFi community with a real stake in the future of Kyber, and will allow them to contribute directly to our development

It can be argued that the quota mechanism on the Kyber network was the biggest factor and the main reason behind the coin’s recent rally.

Many of the top cryptocurrencies related to decentralized finance or the approaching launch of quota bonuses such as ADA and COMP, saw massive growth in July.

After enabling the KNC quota mechanism, coin flows increased in exchanges, such as Binance.

According For crypto researchers and analysts:

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Binance has introduced a quota mechanism for KyberNetwork.

If we see a rise in exchange flows against the KNC, this is not necessarily a bad thing.

Simple lotion seems hassle free and does not hold KNC coins like KyberDAO.

This is very convenient for users who want to interact with market conditions.

The confluence of low selling pressure on the KNC cryptocurrency, strong market structure, and increased demand for tokenization are potential factors that could sustain the momentum of Kyber Network Coin.

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