Current Market Performance
The current price of SKALE Network (SKL) stands at $0.0177, reflecting a decline of 1.83% over the past 24 hours. Trading activity remains robust, with 407,580,984 SKL coins exchanged in the same period, generating a trading volume of $7,232,905. SKL is actively traded on 42 exchanges worldwide.
Today’s trading session opened at $0.0175, and the token has since increased by 1.54% from that level. After dipping to a low of $0.0173, it has shown signs of recovery. However, compared to the highest prices recorded over the past 30 and 7 days, SKL is down by 23.71% and 7.81%, respectively. On a more positive note, it has risen by 11.48% and 1.67% from the lowest points in those same periods.
Based on technical analysis, holding above the $0.0159 support level could pave the way for a climb toward the first major resistance at $0.0241. A sustained break above this level might push the price further up to $0.0323, with a third key resistance waiting at $0.0447.
Understanding Market Capitalization and Valuation
Market capitalization offers a snapshot of a cryptocurrency’s total market value. For SKALE Network, it is calculated by multiplying the current price by the circulating supply. This metric helps investors gauge the asset’s size and stability relative to other cryptocurrencies.
Fully diluted valuation (FDV) represents the theoretical maximum market cap if all tokens were in circulation. It is derived by multiplying the total supply (or max supply, if total supply is unavailable) by the current price. This figure provides insight into potential future market valuation.
ICO Details and Historical Context
SKALE Network conducted its Initial Coin Offering (ICO) from September 3 to September 5, 2020. The project raised $5,000,000 by selling tokens at an initial price of $0.0300 per SKL.
Since the ICO, the token’s value has decreased by approximately 0.5915 times. This means a $100 investment during the token sale would be worth about $59.15 today, based on the current price.
Project Overview and Key Metrics
SKALE Network is a decentralized blockchain platform designed to support scalable and secure decentralized applications. Launched in September 2020, it operates as a Layer 1 and Layer 2 solution, aiming to enhance speed and reduce costs for developers and users.
With a circulating supply of 6 billion coins, SKL is ranked #265 by market capitalization, which currently sits at $102 million. The token reached its all-time high of $0.995314 on March 12, 2021—over four years ago. Since then, it has experienced significant volatility, hitting a low of $0.0159. The current price represents an 11.48% increase from that lowest point.
Over the past 52 weeks, SKL has traded between $0.0159 and $0.0854. Compared to other cryptocurrencies launched in 2020, SKL demonstrates above-average trading volume. While the average 24-hour trading volume for 878 coins introduced that year is around $1 million, SKL consistently averages about $7 million.
Category Rankings
SKALE Network holds notable positions in several cryptocurrency categories based on market cap:
- Gaming (GameFi): #30
- Layer 2 (L2): #12
- Layer 1 (L1): #66
- Play To Earn: #10
- DePIN: #27
- Smart Contract Platforms: #31
These rankings highlight SKL’s relevance across multiple growing sectors within the blockchain ecosystem.
Frequently Asked Questions
What is SKALE Network used for?
SKALE Network is a scalable blockchain platform that enables developers to build and run decentralized applications with high throughput and low latency. It supports a variety of use cases, including gaming, DeFi, and decentralized storage, by providing elastic sidechains that are compatible with Ethereum.
How does SKALE improve Ethereum scalability?
SKALE enhances Ethereum’s scalability by offering configurable sidechains that process transactions off the main chain. This reduces congestion, lowers gas fees, and increases transaction speed while maintaining security through a decentralized validator network.
Is SKL a good investment?
Like all cryptocurrencies, SKL carries investment risks due to market volatility. Its performance depends on adoption rates, network usage, and overall market conditions. Investors should conduct thorough research and consider factors such as technology utility, team credibility, and market trends before investing. For those interested in tracking real-time market movements, you can view live crypto analytics.
What is the maximum supply of SKL?
The maximum supply of SKL is capped at 7 billion tokens. The circulating supply is currently 6 billion, with the remaining tokens allocated for staking rewards, ecosystem growth, and team incentives.
Which wallets support SKL tokens?
SKL is an ERC-20 token and can be stored in any Ethereum-compatible wallet, including MetaMask, Trust Wallet, and Ledger hardware devices. Always ensure your wallet is secure and updated to the latest version.
Where can I buy SKL tokens?
SKL is available on major cryptocurrency exchanges such as Binance, Coinbase, and Kraken. To execute trades, users need to create an account, complete verification, deposit funds, and place buy orders. For a seamless trading experience, you can explore top trading platforms.