Social media buzz drives Powerledger’s 40% surge
The price of Powerledger has experienced a significant surge of over 40% this week, accompanied by a growing buzz on social media about the energy trading platform.
According to data provided by Santiment, Powerledger (POWR) was the second most talked-about cryptocurrency on social media in the past 24 hours. At the time of writing, nearly 1% of all crypto discussions on social media were centered around Powerledger, with 57% of the sentiment being positive, 33% negative, and the remaining being neutral.
This increase in attention follows Powerledger’s announcement of xGrid 2.0, an upgraded version of its energy exchange network. The new version boasts a minimalist interface, improved tracking features, and greater flexibility for energy trading. However, it seems that this unveiling alone does not fully explain the surge in activity.
Powerledger utilizes blockchain technology to facilitate peer-to-peer energy transactions, creating a decentralized market where individuals can buy and sell excess solar, wind, or other renewable energy with one another. By eliminating intermediaries, Powerledger aims to reduce costs and democratize the generation and distribution of clean energy. The Australian-based startup has already implemented its platform in various pilot projects, spanning from Japan to the United States. Nonetheless, being a relatively new player in the blockchain industry, Powerledger still faces challenges and uncertainty in its journey.
Read more: Report: Power Ledger (POW) P2P Energy Trading Solution Has Real Use Case.
