Subsquid Token Surges amid Crypto market Downturn
Subsquid’s token, SQD, defied the crypto market’s downward trend. it soared over 180%, reaching $0.2385. This price level was last seen in June.
The SQD token outperformed other cryptocurrencies. Its trading volume spiked by 900%, hitting over $203 million. SQD.AI reported that locked SQD tokens surpassed 400 million.
Subsquid is a decentralized data platform for AI agents. It uses zero-knowledge proofs. Despite most leading cryptos facing pressure, Subsquid thrived. The token’s price rose sharply in 24 hours.
Subsquid had previously rallied to an all-time high of $0.2865. It seemed poised to reach this peak again. The token’s recent price surge was partly due to AI-related altcoins’ rally.
Though, profit-taking pushed SQD below $0.07 on Sept. 25. This drop aligned with Bitcoin’s fall to near $108,000. On Sept. 26, SQD’s price shot up, likely due to SQD.AI locking over 400 million tokens.
Partnerships boosted SQD’s value. Chillwhales, an NFT platform, adopted SQD for faster data indexing. Deutsche Telekom joined as a node, and Flare integrated the data indexer.
open interest in Subsquid reached $62.4 million, showing trader confidence. The AI sector’s growth, driven by companies like Nvidia and OpenAI, also supported SQD’s rise.
