Powerledger price is up over 23% today, making it one of the biggest gainers on Crypto.com. With a market cap approaching $300 million, and a 24 hour trading volume of $172 million, POWR has picked up quite a bit of bullish momentum today. Let’s take a closer look at Powerledger and see what all the hype is about.
What Is Powerledger?
Powerledger is a peer to peer energy trading platform. It allows users to sell their excess solar energy and gives consumers a choice when it comes to selecting who they’re getting their energy from.
Powerledger provides transparency for energy markets, and maximizes ROI by enabling buildings to trade energy with each other.
Powerledger’s P2P energy trading platform is an extremely useful idea that can transform the way we buy our energy. With enough houses using solar power, a neighborhood could sustain itself without the need for relying on the city’s Power Plant. Moreover, solar power is a renewable energy source that will prevent further damage to our environment.
Why Is Powerledger price rising?
In a recent AMA that the Powerledger conducted on Facebook, one user asked: “Do you have any big partnerships or projects to share?” In response, Global Head of Business Development and Partnerships, Vinod Tiwari said:
“We just announced, the latest one was Chile. I can only say that at any given time we’re working on multiple opportunities. There are also some customers who don’t want to name or announce the projects outside . . . So yes, we do have projects that will be announced in due course of time.”
A big reason for POWR’s price hike is the fact that the team is securing real partnership in different countries. As more and more partnerships are announced, investors are going to become more confident in the project. As confidence in the project rises, so will POWR’s price.
At the time of writing, POWR is trading at $0.62, which is 31% of its ATH. POWR hit an all time high on November 16th, a day before the Coinbase listing. Unfortunately, the bull run got overwhelmed with sell pressure, and collapsed to almost pre Coinbase levels on November 18th.
With the sharp 20% price increase today, it seems that the bulls are attempting to build another rally. Whether POWR will continue its weekend bull run is yet to be seen. However, for those looking to invest in Solar energy projects, Powerledger is a great pick for 2022.
Disclosure: This is not trading or investment advice. Always do your own research before buying any cryptocurrency.
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