Tug of War In-Play: Golem Network Spikes 65% Before Giving Up Gains

Updated: 16 September 2022

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The Golem Network is flipping between profit and loss, gaining 65% in seven days and losing it all in the same week. The tug of war between bulls and bears continues as both try to decide which direction to trade. GLM is a utility token to gain access to the Golem Network and pay for idle digital resources such as extra computing power in peer-to-peer transactions.

Moreover, it is the native token of the Golem ecosystem and outperforms the overall cryptocurrency market. However, there is no apparent reason driving this surge. Furthermore, there isn’t much happening in the Golem ecosystem anytime soon.

More on Golems: What’s Driving the Price Increase?

The Golem team is working on a resource exchange platform to provide software developers with an alternative to established centralized cloud service providers. The network functions as a peer-to-peer marketplace for surplus computing resources. According to the project’s website, its payment system, based on layer 2 of Ethereum (ETH), enables quick, inexpensive micropayments for easily scalable services while eliminating gas fees, onboarding fees, and other network fees congestion issues.

As an Ethereum-based project, Golem aims to create a decentralized network that allows people to share and aggregate computing resources to build a global supercomputer. As a result, the upcoming Ethereum merger could cause a rising GLM/USD price.

Golem Network recently announced on Twitter that they are looking for new developers to join their team. Hiring is an indicator of a company’s growth, so this could be one of the reasons for such a massive increase in GMT.

We’re always looking for new developers to join us at #Golem and we understand that talent knows talent. That’s why we offer existing employees +$4,500 for bringing a new superhero developer into the fold via our generous Team Member Referral Program #DiscoverYourSuperpower today

We’re always looking for new developers to join us at #Golem and we understand that talent knows talent. That’s why we offer existing employees +$4,500 for bringing a new superhero developer into the fold via our generous Team Member Referral Program #DiscoverYourSuperpower today pic.twitter.com/h8szU36qLh

— Golem Network (@golemproject) September 8, 2022

Roadmap of Golem Network

The network has a history of helping to improve the system. Previously, in collaboration with alchemy, a project called “get to know life at Golem” was created. Golem worked with Hoard, a game production industry leader because it believes in the future of Web3.

The Golem’s roadmap is currently divided into four sections:

Brass
Clay
Stone
Iron

Considering the ongoing technological advancements, software developers can keep up with the field of software innovation. For instance, the company released Thorg, the first mining software with a built-in golem that may offer more advanced levels of community interaction. Furthermore, Golem runs incentive management programs regularly, ensuring that the platform will attract a sizable customer base. As a result, more users are drawn to the network, and the price of GLM/USD is rising.

Golem Price Updates

The current Golem price is $0.345383, and the 24-hour trading volume is $186 million. The GLM/USD pair opened the day at $0.3113, reaching a high of $0.4015 and a low of $0.2943. Golem has increased by 14.74% in the last 24 hours, and CoinMarketCap currently ranks #99, with a live market cap of $345 million. It has 1,000,000,000 GLM coins in circulation and a maximum supply of 1,000,000,000 GLM coins.