Skale Network price spikes as total users in its ecosystem grows

Skale Network’s token bounced back on Tuesday as investors focused on the growing users in its ecosystem. The token jumped to a high of $0.047 on Tuesday, higher than this month’s low of $0.037. It has soared by over 142% from its lowest point this year.

Skale users jump

Skale Network’s ecosystem is doing well in this crypto bull run. Data compiled by CoinGecko showed that it is one of the most popular players in the gaming industry. It leads in terms of the most active gaming chains by daily active users, as shown below. This makes it bigger than other popular networks like Wax and Ronin.

SKALE Network has dominated as THE most active web3 gaming hub of 2023!

It’s not just a network; it’s a gaming revolution. Cheers to gas-free gaming and the epic dApps pioneering this space.👏 pic.twitter.com/8EGL4NCquI

— SKALE (@SkaleNetwork) December 18, 2023

Additional data in its explorer shows that the number of active users jumped from 1 million in October to over 2.3 million in November. The number is still growing as it stands at over 1.9 million so far this month. If this trend continues, there is a likelihood that it will pass its November peak.

The number of transactions rose from 23.2 million in October to more than 30 million in November. They have risen to more than 18.2 million this month so far. Most importantly, Skale has saved users millions in gas fees. It saved them over $377 million in fees in November and $360 million this month. In total, gas saved have soared to over $2.8 billion.

These gas savings explain why many people select Skale Network for their operations. The savings continued earlier this month when the community voted for SIP 1, which introduced SKALE Chain Pricing that introduced subscription fees.

Skale Network token price also rose as it gained the attention of social media users. It was one of the most trending tokens in key platforms like Twitter and Reddit.

Skale Network price forecast

SKALE chart by TradingView

The daily chart shows that Skale token price has bounced back after falling sharply earlier this month. This decline was notable since the token found a strong support level at the 50-day Exponential Moving Average. It also struggled to move below the key support level at $0.037, its lowest point on December 11th.

Skale is attempting to move above the key resistance point at $0.048, the highest point on December 4th. Therefore, the outlook for Skale is bullish, with the next point to watch being at $0.050. This view will be confirmed if the price flips the resistance at $0.048 into a support.

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