NEO went through the roof overnight, recording gains of more than 50% and is currently trading at $44, up from around $28 just yesterday. The surge seems to be related to a vague tweet from Malcolm Lerider, a member of the NEO Council.
The message, which is in Mandarin, has been roughly translated to mean:
"Moving forward, never stopping, when you have read this, you are one with neo, let's change the world together 3 days to an announcement 3 lifetimes of blessing"
Though not very clear, the message has fueled bullish sentiment in the community as trading volume went from just under $41 million on Thursday, to over $252 million on Friday, and is currently over $400 million. NEO’s market cap has also gained around $1 billion over the last 24 hours.
There is a lot of speculation around an upcoming announcement to do with China’s ban on ICOs, and some in the community believe NEO may reveal a partnership of sorts, becoming the go-to token for new ICOs seeking to raise capital in the country.
Additionally, Monday also marks the release date of the NEX whitepaper, (NEX is an upcoming decentralized crypto exchange), which would detail how the decentralized exchange will work, and may even be accompanied by a much-awaited announcement about its ICO, which is expected to utilize the token sale legal framework developed by the NEO Council.
According to an official announcement by the City of Zion (CoZ) last month:
“NEX platform is built on a completely new protocol developed within the NEO ecosystem, utilising the best features NEO platform has to offer. NEX will consist of a reference exchange application, which will make it easy for developers building exchanges and payment services, to integrate with the NEX protocol.”
It remains to be seen what big announcement comes out on Monday, and at this point, it’s anybody’s guess. However, if this turns out to be false hype, it will damage NEO’s reputation and buyers entering the market at this stage may regret it.
If there is a major positive announcement regarding NEO’s integration into the China-ICO story, we may see prices rising even higher and easily surpassing NEO’s previous all-time-high.