Siacoin (SC) surged 29% on Wednesday, reaching $0.005248 from its low of $0.004103. This rise places SC among the top performers in the top 100 cryptocurrencies by market cap.
SC’s market cap grew 27% to over $303 million, with a 24-hour trading volume increase of 2,700% to $72.7 million. Siacoin is the native token of Sia, a decentralized cloud storage network that launched in June 2015, and it hit an all-time high of $0.09287 in January 2018.
On Sia, users can rent out their unused storage, with payments made via SC. The network uses a proof-of-work mechanism that provides a 30,000 SC block reward. The Sia Foundation recently approved grants for projects like S5 Network and SkyMusic 2, aiming to bolster the decentralized storage ecosystem.
This surge underscores Siacoin’s growing importance in decentralized storage, offering a reliable and scalable solution for cloud storage needs.
