CKB, the native token of Nervos Network, has emerged as one of the biggest gainers in the top 100 cryptocurrencies, with a rally of 140% in the last one month. The token added 19% in the last 24 hours and changed hands at $0.018-the highest level since June. The market capitalization of CKB stood at $829 million, while the daily trading volume was $573 million.
According to a report from crypto.news, the price rise started on September 13, when the asset was listed on the major Korean exchange, Upbit. However, according to data from Santiment, the weighted sentiment of the Nervos Network has been in decline since September 15, while social volume also saw a similar drop after the spike.
After the announcement of the listing on Upbit, the funding rate for CKB plummeted to negative 2.37% due to the heavy amount of liquidations of short positions that spiked the price of the token. The funding rate on the Nervos Network has risen to 0.2% now, which signals an increase in longs. However, Santiment says that over the past three days, CKB’s total open interest has fallen 22% in a decline from $90 million to $70 million.
Despite the correction seen in the instrument recently, the open interest remains relatively high for Nervos Network, which was at around $7 million on September 12 before the recent Upbit listing. Continued liquidation could push the CKB price down.
