Layer Network (LAYER) token is trading at approximately $1.87, experiencing a slight decline of 0.38% over the past 24 hours. The token's price has fluctuated between an intraday high of $3.11 and a low of $1.82.
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š *`Market Overview`*
The Layer Network aims to enhance blockchain scalability and transaction speeds. Recent developments include the launch of the Euclid upgrade by Scroll, a Layer 2 network, which transitions the network to a "stage 1" rollup. This upgrade is designed to improve network performance, enhance application compatibility, and reduce data storage costs.
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š Price Trends
Following its initial listing on major exchanges like Binance, Bithumb, and KuCoin, the LAYER token experienced significant volatility. After an initial spike to $1.50, the price dropped below $1, attributed to airdrop recipients selling off their tokens.
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š ļø Technological Advancements
The Layer Network is developing InfiniSVM, a hardware-accelerated blockchain network aiming for high throughput and near-zero latency. This initiative underscores the network's commitment to robust composability and performance.
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š® Future Outlook
Analysts suggest that the LAYER token has formed a bullish structure after reaching a low of $0.85. However, it faces resistance at the $1.05 level, indicating potential challenges ahead.
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