Lisk Surges More Than 700% in 24 Hours as Futures Volume Jumps 11-Fold
Summary
- Lisk (LSK) futures trading volume climbed 1,054.79% over 24 hours to $3.082 billion, while open interest surged 739.10% to $185 million.
- LSK jumped more than 700% over 24 hours, while short liquidations reached $31.22 million, accounting for about 88% of total liquidations.
- Lisk is set to shut down its native blockchain on Oct. 31, shift to an Ethereum- and Base-based model, and hold a DAO vote on whether to burn 100 million LSK, or 25% of total supply, a combination that could heighten volatility.
Forecast Trend Report by Period
Lisk (LSK) surged more than 700% in 24 hours, setting off an explosion in derivatives trading as both volume and open interest soared. Expectations tied to the shutdown of its native chain and a potential token burn coincided with the rally, while a large wave of short liquidations appears to have added fuel to the move.
BlockBeats, citing CoinGlass data in a report on Sept. 13, said LSK futures trading volume reached $3.082 billion over the past 24 hours, up 1,054.79% from a day earlier. Open interest also surged 739.10% to $185 million.
LSK-related liquidations totaled $35.26 million over the same period, the largest among all cryptocurrencies. Short liquidations made up $31.22 million of that amount, or about 88%. LSK touched $2 during trading before changing hands around $1.68, with its 24-hour gain topping 700%.
The sharp advance comes amid Lisk's business transition and expectations of tighter supply. Lisk plans to shut down its native blockchain on Oct. 31 and shift to an Ethereum- and Base-based enterprise treasury management platform. A DAO vote is also scheduled on whether to burn 100 million LSK, equal to 25% of total supply.
Renewed focus on the chain shutdown and asset migration schedule appears to have sparked demand. The price jump then triggered a broad unwind of accumulated short positions, extending the rally further. Still, migration burdens tied to the chain shutdown and exchange monitoring measures could add to volatility ahead.
