Centric Swap leads ‘Uptober’ after a swift 1,000% gain. Here’s why it could go higher

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In recent weeks, Centric Swap (CNS), a dual-token model that offers players a fixed hourly return that “stabilizes over time as it self-regulates the supply of tokens to meet continuous changes in demand.” , has increased by more than 850% and still at around 200% of its previous all-time high.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $ 0.000104 on September 9, the CNS price has climbed 1,130% to a daily high of $ 0.0017659 on October 15. , as its 24-hour trading volume climbed 130% to $ 6.4. million.

CNS / USDT 4 hour chart. Source: TradingView

Three reasons for the rapid increase in the price of CNS include the expansion of the project ecosystem through partnerships, an injection of $ 1 billion by Binance into the DeFi ecosystem on the Binance Smart Chain (BSC) and the promise of multiple developments and announcements to come by the developers of the project. .

Centric’s ecosystem is growing

Real-world adoption is probably one of the best validation signals for a project, as the increased utility of tokens tends to drive up prices and also brings new attention to the project.

Over the past two months, the Centric Swap protocol has signed a handful of partnerships with companies like Tourvest Travel Services and Absolute World, which will allow CNS to be used as a payment option for travel expenses.

Other big partnerships include a collaboration with Goldgenie, which specializes in high-end luxury items such as gold-plated cellphones, and a partnership with the decentralized CroxSwap cross-chain bridge.

Binance Smart Chain invests in CNS

On July 15, Centric Swap migrated from the Tron network to the Binance Smart Chain. This gave the project access to the active trading community on BSC, which helped to strengthen its exposure and increase its trading volume.

This turned out to be a timely move as Binance recently announced that it will invest $ 1 billion in developing the DeFi ecosystem on the BSC, of ​​which Centric Swap is now a part.

Protocol investments and developer incentive plans have gained popularity in recent months after several projects, including Avalance, Fantom, and Terra, used the tactic to grow their communities and attract cash to their DeFi ecosystems. In each case, the tactic led to a sharp increase in the symbolic price of each project.

Related: Ethereum Alternatives and Layer One Solutions Record Consistent Gains in September

Tease upcoming announcements

The project’s Twitter feed shows that before recent announcements such as the Absolute World partnership, the Centric team dropped many clues about upcoming developments that may have excited community members and triggered a frenzy. purchase.

Announcing an ad approach is a popular marketing tactic used in the cryptocurrency industry, but it remains to be seen whether this will offer a lasting price pump or lead to a rumored buy scenario. news sales.

When a Twitter user suggested the project would represent nothing more than a “buy the rumor, sell the news” event, Centric COO Thomas Butcher dismissed the idea and said. said there was more in the pipeline for Centric in the coming months. .

Butcher noted:

“Regardless, we have more news behind this news, and more news behind this news, and more news behind this news … See the diagram we get into.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.