Kusama’s KSM price broke out a strong 70% on Feb. 15 as excitement continues to build for the Kusama and Polkadot ecosystem ahead of the upcoming parachain auctions.
KSM prices soared by 70%
TradingView data shows KSM surged from $ 134 to as high as $ 236 in the early hours of Feb. 16 before profit taking pulled the price back $ 206 at press time.
Kusama is a testable interoperable blockchain platform commonly referred to as “Polkadot’s cousin” due to its similar code base. The protocol is built on Substrate, the developer toolkit / framework for the Polkadot blockchain, and is designed to be a scalable, interactive framework for developers.
Projects that want to launch on Polkadot get a chance to launch on Kusama first to check how their protocol will work and access features that aren’t already on Polkadot.
Social media activities, market sentiment increased for KSM
Kusma’s Twitter feed shows the latest up move is being driven by hype surrounding the upcoming parachain auctions for both Polkadot’s KSM and DOT. Parachain is a simpler form of blockchain that benefits from the security provided by Relay Chain, not by itself.
VORTECS ™ data began uncovering bullish prospects for KSM on February 14, before the recent price increase.
VORTECS ™ score is an algorithmic comparison of current and historical market conditions, including data points such as market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS ™ score hit a low of 52 on Feb. 13, followed by a slight drop in KSM prices. The score then started rising to a high of 69 on Feb. 14, 24 hours before the price breakout above $ 200.
Despite the drop from the recent highs, both Twitter and transaction volumes are still up, with the project currently growing 565% in Twitter mentions and volume average up 194%.
With the exact date of the parachain auctions yet to be determined, community excitement will likely continue to build as quality projects vie for limited parachain positions and attempt to be part of the team. center in the Kusama and Polkadot ecosystem.