Here are some factors that have contributed to the significant price increase of Secret Network (SCRT) today, and gain insight into the factors that are driving the upward trend.
Today, three significant developments contributed to an extraordinary 50% increase in the price of Secret Network (SCRT). The network’s participation in NVIDIA Inception, a program that supports innovative technology firms, indicates a growing confidence level in its privacy-focused solutions.
In addition, the high leverage of Binance’s SCRT perpetual contracts has stimulated market activity upon their introduction. In conjunction with a significant increase in open interest across major exchanges, these factors drive SCRT to new heights and foster increased investor interest.
Secret Network has joined NVIDIA Inception
The Secret Network has become a member of NVIDIA Inception, a program intended to assist technology firms engaged in advancing AI and blockchain innovations. This partnership enhances the platform’s development capabilities by providing access to AI training, expert resources, and venture networks.
The partnership enables the development of new privacy tools for Web3 applications, thereby enhancing Secret Network’s Decentralized Confidential Computing (DeCC) solutions. Lisa Loud, the Executive Director, underscored that this initiative will fundamentally alter how sensitive data is managed in blockchain environments.
Binance introduces SCRT Perpetual Contracts
USD-margined Secret Network perpetual contracts with up to 75x leverage were introduced by Binance, one of the world’s leading cryptocurrency exchanges.
The immediate impact of the Binance listing was a 55% increase in SCRT’s price as a result of Binance’s extension of support. This surge underscores the increasing interest of investors, prompting concerns regarding the rally’s longevity.
Additionally, this action increases liquidity and fosters investor confidence, thereby increasing Secret’s market appeal. The adoption of SCRT continues to grow as trading activity on Binance becomes more intense.
SCRT price surge is driven by a 1300% increase in open interest
According to Coinglass data, Secret Network (SCRT) experienced a remarkable 1300% increase in open interest within the last 24 hours, indicating heightened market activity. Open interest in Binance increased by more than 905%, and other significant exchanges, such as Kraken and Bitget, also demonstrated substantial interest. SCRT’s price has reached new highs due to this surge in demand.
Additionally, SCRT is currently trading at $0.4765, representing a 50% increase in the past 24 hours and a 134% increase in the past week. The coin exhibits substantial potential for future growth, as evidenced by its market capitalization of $138 million and $107 million in volume and its 24-hour low of $0.3313 and high of $0.5488.
